Super Signals Indicator for MT5
Most traders use reversals as a means to enter trades. This is because opening a trade on a trend or momentum reversal can mean entering a trade at the start of a new market move. However, not all traders are able to identify potential turning points.
The Super Signals indicator is a tool that allows traders to open and close trades based on reversal signals.
What is the Super Signals indicator?
The Super Signals indicator is a specialized technical indicator that provides reversal signals that traders can use as a basis for opening and closing trades.
The reversal signals it generates usually coincide with large swing highs and swing lows.
The Super Signals indicator draws dots to indicate reversal signals. It plots a blue dot to indicate a bullish reversal and a pink dot to indicate a bearish reversal.
Super Signal Indicator for MT5
How does the Super Signal Indicator work?
Based on the Super Signals indicator script, this indicator uses the Average True Range (ATR) and the ebb and flow of candlesticks within that range as a basis for identifying turning points. It somehow seems to rely on the concept of using ATR as a basis for identifying trends and trend reversals.
How to use Super Signal Indicator for MT5
This indicator has a variable in its settings called “dist”. This variable appears to be the threshold the indicator will use to identify trend reversals. A higher number tends to increase the threshold at which the indicator will see a reversal signal, resulting in a lower number of signals. A lower number increases the number of signals the indicator will detect.
How Super Signals Indicator MT5 works
The signal this indicator produces is usually an accurate reversal signal. However, it would still be better if this signal is used in conjunction with other reversal indicators such as overbought or oversold price levels or reversal candles. It can also work well when traded as confirmation of a reversal occurring at a major support or resistance level.
When to enter?
Open a buy order when the Super Signals indicator shows a blue dot coinciding with a bullish reversal candlestick pattern. Place a stop loss below the pattern.
When to come down?
Close the trade as soon as the Super Signal indicator shows a pink dot.
How to Use Super Signals Indicator for MT5 - Buy Trade
Sell trade settings
When to enter?
Open a sell order when the Super Signals indicator shows a pink dot that coincides with a bearish reversal candlestick pattern. Set the stop loss above the pattern.
When to come down?
Close the trade as soon as the Super Signal indicator shows a blue dot.
How to Use Super Signals Indicator for MT5 - Sell Trade
Based on visual historical backtesting, this indicator tends to produce reliable reversal signals. However, it would be better if you could practice using this indicator by testing it ahead.
When used in conjunction with other settings and trading signals as confirmation of reversal trading signals, the Super Trends Indicator can be an invaluable tool for confirming trade entries.
MT5 Indicator – Instructions
The Super Signals indicator for MT5 is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated historical data.
Super Signal Indicator For MT5 provides for an opportunity to spot various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can anticipate further price movements and adjust their strategy accordingly. Click here for MT5 strategy