Introduction to the Predict Indicator
Table of Contents
One of the most common types of indicator that new traders would want to find is an indicator that produces reliable trade signals.
The Predict Indicator is one of the many trade direction signal indicators that traders can use. It can be an effective signal indicator when used in confluence with other technical indications.
What is the Predict Indicator?
The Predict Indicator is a momentum following signal indicator which provides momentum reversal trade signals, as well as indications of flat market conditions.
This indicator is plots diamond symbols to indicate a trade signal. It plots lime diamond symbols to indicate a long or buy trade signal and magenta diamond symbols to indicate a short or sell trade signal. It also identifies and indicates flat markets by plotting a blue dot symbol.
Traders can use these symbols as trade entry signals based on momentum. However, it should be used in confluence with other technical indicators as part of a trading strategy.
These symbols can also be used as a trade direction indication wherein traders would trade only in the direction indicated by the Predict Indicator. However, traders should find trade setups on the lower timeframes which agree with the Predict Indicator trade direction.
How the Predict Indicator Works?
The Predict Indicator uses a complex algorithm which compares the closing price with average range of price action.
First, it identifies the average close price on a two period range, and the average close price of a five period range. It then divides the difference between the two by the current close price multiplied by a series of variables.
Its complex algorithm has several more steps using this formula which it uses to identify the momentum direction.
How to use the Predict Indicator for MT5
The Predict Indicator has a couple of variables which can be modified within its indicator settings.
The “Buy Level” and “Sell Level” variables are the modifiable variables which are included in its formula. Traders can adjust these values to modify the sensitivity of the Predict Indicator signals.
Buy Trade Setup
When to Enter?
Open a buy order as soon as the Predict Indicator plots a lime diamond symbol below a price candle in confluence with other technical indications.
When to Exit?
Close the trade as soon as the Predict Indicator plots either a blue dot or magenta diamond symbol above a candle.
Sell Trade Setup
When to Enter?
Open a sell order as soon as the Predict Indicator plots a magenta diamond symbol above a price candle in confluence with other technical indications.
When to Exit?
Close the trade as soon as the Predict Indicator plots either a blue dot or lime diamond symbol below a candle.
The Predict Indicator signals are not always very accurate. There would be trade signals that do not result in price moving in the direction indicated by the Predict Indicator symbols. However, it can still be a useable trading signals whenever it is traded in confluence with other technical indications such as trend direction or reversals on a clear support or resistance level.
MT5 Indicators – Download Instructions
Predict Indicator for MT5 is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated history data.
Predict Indicator for MT5 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT5 Strategies
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How to install Predict Indicator for MT5.mq5 to your MetaTrader 5 Chart?
- Download Predict Indicator for MT5.mq5
- Copy Predict Indicator for MT5.mq5 to your Metatrader 5 Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your mt5 indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Predict Indicator for MT5.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Predict Indicator for MT5.mq4 is available on your Chart
How to remove Predict Indicator for MT5.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader 5 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Predict Indicator for MT5 (Free Download)
Click here below to download: