Spike Detector Indicator is an MT5 Forex System FREE to Download. It is a highly effective trend-following system designed for day trading and scalping in the Forex market. The system combines two powerful technical indicators, the Spike Detector and the SuperTrend, to identify high-probability trading opportunities in the market.
The Spike Detector Indicator is price action and trend-following strategy that identifies key price levels and trend directions. It is ideal for day traders and scalpers looking to make quick, short-term trades based on market conditions.
The Spike Detector is a unique indicator that identifies sudden price movements, or spikes, in the market. News events or other market catalysts often cause these spikes and can provide valuable trading opportunities for skilled traders. The Spike Detector with SuperTrend MT5 system allows traders to interpret these spikes in two ways: either as an opportunity to hunt for spikes using the renko spike bar MT5 or as an opportunity to open trades that agree with the main trend.
The SuperTrend indicator is a popular trend-following indicator that helps traders identify the direction of the market trend. By using the SuperTrend with the Spike Detector, traders can increase their chances of success by identifying trading opportunities aligned with the overall market trend.
One of the advantages of this MT5 Forex System is its flexibility. Traders can use the system to trade various currency pairs and time frames, depending on their preferences and risk tolerance. The system can also be customized to suit individual trading styles, allowing traders to fine-tune it to their needs.
This Spike Detector Indicator is entirely manual. The indicators produce the signals, but any decisions to enter the market and set protection or profitable exit stops will depend on the trader. Therefore, the trader must be familiar with the principles of risk and reward and use initial support and resistance areas to set entries and exits.
MT5 Forex System can give you trading signals you can take as they are or add your additional chart analysis to filter the signals further, which is recommended. While traders of all experience levels can use this system, practicing trading on an MT4 demo account can be beneficial until you become consistent and confident enough to go live.
Main Chart of Spike Detector Indicator
This Spike Detector Indicator can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc. You can also use it on any time frame that suits you best, from the 1-minute to the 1-month charts.
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Trading rules for this MT5 Forex System
Remember to tighten your Stop Losses around High Impact News Releases or avoid trading at least 15 minutes before and after these events when using this MT5 Forex System.
As always, to achieve good results, remember about proper money management. To be a profitable trader, you must master discipline, emotions, and psychology. It is crucial to know when and when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility, beyond major sessions, exotic currency pairs, wider spread, etc.
Buy Entry
- Spike Detector gives a Blue arrow.
- Damjan Blue bars.
- Stochastic begins to cross upwards.
- RSI Crossing level 30 upwards.
- The Min-Max indicator shows Blue bars.
- Heiken Ashi smoothed (4 ma Candles indicator) agrees with the main trend(Blue).
- Optional – Supertrend Blue Line.
Sell Entry
- Spike Detector gives a Red arrow.
- Damjan Red bars.
- Stochastic begins to cross downwards.
- RSI Crossing level 70 downwards.
- The Min-Max indicator shows Red bars.
- Heiken Ashi smoothed (4 ma Candles indicator) agrees with the main trend(Orange).
- Optional – Supertrend Sell Line.
Trade Exist
Any positions with Spike Detector Indicator can be liquidated using a fixed profit target. Alternatively, the profit target should be set using previous support, resistance, or high-low level as a reference point. You may also exit the trade manually if the system conditions reverse.
- Place the initial stop loss below/above the supertrend line.
It is recommended to use a stop loss. Set SL below the entry price using previous support/resistance as a reference point Or on the previous high/low swing. Using fixed stop loss settings without any reference points is not advocated.
- Read More US500 Auto Trading Robot FREE Download
Conclusion
The MT5 Forex System is a powerful trend-following system ideal for day traders and scalpers looking to capitalize on short-term trading opportunities in the Forex market. By combining the Spike Detector Indicator and SuperTrend indicators, traders can identify high-probability trading opportunities aligned with the overall market trend. With its flexibility and customization options, the system is a valuable tool for any trader looking to improve their trading performance.
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How to use this tool