The Arbitrage MTF forex indicator for MT5 displays histogram bars based on the currency strength of a given pair. Moreover, forex traders can use several indicators such as MACD, Stochastic Oscillator, RSI, CCI, RVI, and DeMarker to calculate the strength of a currency.
Moreover, the indicator calculates the strength of a currency based on the values received from other pairs. As a result, forex traders can determine the best entry points for buying and selling.
The indicator only works on EURUSD, EURJPY, GBPUSD, GBPJPY, USDJPY and USDCHF. Since the indicator receives data from other currency pairs, traders should include these pairs in their market overview. However, it works on all chart timeframes and is useful for new and experienced Forex traders.
Arbitrage MTF Forex Indicator For MT5 Trading Signals
The indicator plots a color-coded histogram of the currency pair mentioned in the comments area. Traders should determine the color of the pair’s text and associate it with the color of the histogram.
The trading strategy is to buy if the histogram color shows the color of the primary currency and sell if the histogram shows the color of the secondary currency. Traders should remember to buy strengths and weaknesses based on the primary and secondary currencies of the trading pair.
The indicator does not provide a stop loss or profit target. Thus, traders should exit positions at the previous swing high/low and take profits on the opposite trading signal.
Thus, the Arbitrage MTF Forex Indicator for MT5 provides Forex trading signals based on the currency’s strength obtained using the desired indicator.