Buy Sell Indicator
Using some indicators to trade can sometimes be confusing. Mastering the numerous lines, colors, and numbers is an uphill task. Fortunately, one indicator simplifies Forex trading for you. We present to you the Buy Sell indicator.
The Buy Sell indicator for Metatrader 5 is a combination three indicators and custom price action filter. It does not feature distracting bands, histograms or lines. It only comes with non-repaint signals which tell you when to buy and sell. Besides the entry points, it also provide suitable exit points. This makes it suitable for both novice and experienced traders.
Here is another crucial point. The Buy Sell indicator is ideal for lower time frames (M1, M5, M15, M30) during the London and New York sessions when the market is more volatile. The best part is that you can use it to trade any currency pair. However, it is not advisable to use the indicator on holiday and during major economic news. How is the indicator used, you ask?
How to Trade Using Buy Sell Indicator
Buy Signal
The indicator shows a seagreen square, signaling that it is time to enter a long position. A screen alert pops up to ensure to identify the signal in real time. The best part is that the indicator calculates stop loss for you. All you have to do is to fill in the order. Alternatively, you can place the stop loss just below the grey dotted line.
Where should you exit the trade? Well, you set the take profit using the 3:1 reward ratio. In other words, you can set your own profit target,let’s say 50 pips. Also, you can wait for the indicator to post a bearish signal and exit the buy trade.
Sell Signal
Open short position when the indicator displays a pink square and a sell alert. The pop-up alert also displays a suitable sell stop. Also, you can use a tighter stop loss by setting it just above the dotted line. If you are not sure about setting your own take profit, simply exit when the indicator posts a buy signal.
Buy Sell indicator for MT5 is a great technical analysis tool for simple and straightforward trading.
The chart above displays a EUR/USD price movement. The pink square indicates a suitable point to enter sell position. You can place stop loss on the dotted pink line which acts as resistance. The seagreen square indicates a suitable buy signal. The blue dotted line acts as support and suitable stop loss.
Conclusion
Buy Sell indicator provides the excellent signal to enter short and long positions. It does not require any complicated analysis. All you have to do is identify the seagreen and pink squares and check for recommended stop loss on the alert. What’s more it is available for free. It is prudent to supplement the indicator with more analysis.
