Introduction to the Super Signals Indicator
Most traders use reversals as a means to enter a trade. This is because opening a trade on the reversal of the trend or momentum direction could mean that you are entering the trade at the start of a new market move. However, not all traders are proficient in identifying potential reversal points.
The Super Signals indicator is a tool that traders can use to open and close trades based on reversal signals.
What is the Super Signals Indicator?
The Super Signals indicator is a custom technical indicator which provides reversal signals which traders can use as a basis for opening and closing trades.
The reversal signals it produce tend to coincide with major swing highs and swing lows.
The Super Signals indicator plots dots to indicate a reversal signal. It plots blue dots to indicate a bullish reversal and pink dots to indicate a bearish reversal.
How the Super Signals Indicator Works?
Based on the script of the Super Signals indicator, this indicator uses the Average True Range (ATR), as well as the highs and lows of the candles within the range as a basis for identifying reversal points. Somehow, it does seem to draw on the concept of using ATRs as a basis for identifying trends and trend reversals.
How to use the Super Signals Indicator for MT5
This indicator has one variable within its settings, which is labeled as “dist”. This variable seems to be the threshold which the indicator would use to identify trend reversals. Higher figures tend to increase the threshold in which the indicator would detect a reversal signal, which would result in smaller number of signals. Lower figures increase the number of signals that the indicator would detect.
The signals this indicator produces tend to be accurate reversal signals. However, it would still be best if these signals would be used in confluence with other reversal indications such as an overbought or oversold price level or a reversal candlestick. It could also work well when traded as a reversal confirmation occurring on key support or resistance levels.
Buy Trade Setup
When to Enter?
Open a buy order as the Super Signals indicator plots a blue dot which is in confluence with a bullish reversal candlestick pattern. Set the stop loss below the pattern.
When to Exit?
Close the trade as soon as the Super Signals indicator plots a pink dot.
Sell Trade Setup
When to Enter?
Open a sell order as the Super Signals indicator plots a pink dot which is in confluence with a bearish reversal candlestick pattern. Set the stop loss above the pattern.
When to Exit?
Close the trade as soon as the Super Signals indicator plots a blue dot.
Based on a visual historical back testing, this indicator does tend to produce reliable reversal signals. However, it would still be best if you could practice using this indicator by forward testing it.
When used in confluence with other trade setups and signals as a reversal trade signal confirmation, the Super Trend indicator can be a very valuable tool for confirming a trade entry.
MT5 Indicators – Download Instructions
This is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated history data.
This MT5 Indicator 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 MT5 Indicator to your MetaTrader 5 Chart?
- Download mq5 file below
- Copy the mq5 file 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 mq5 file
- Attach to a chart
- Modify settings or press ok
- And the Indicator is available on your Chart
How to remove MT5 Indicator 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
Click here below to download: