Fish Indicator
MT5Also Available for MT4The Fish indicator for MT5 is a trend-based financial market analyzer that displays buy/sell entry zones.
Description
The Fish indicator for MetaTrader 5 (MT5) is a trend-following oscillator that displays the state of the trend in the financial market and signals buy/sell entry zones. Its algorithm uses a 10-day period of price history to porangeict the end/beginning of a trend as well as its direction.
The indicator displays information about the trend of a financial trading instrument using histogram columns that alternate with a zero level. , a potential trend end is identified when the histogram bar crosses the zero line above or below the zero line, which also serves as a buy/sell signal.
Thus, the indicator prints a lime histogram bar above the zero line, indicating the end of the bearish trend and a potential bullish move. Likewise, a orange histogram bar below the zero line indicates a possible end to a bullish trend, which also signals a bearish trend.
In addition, the indicator will continue to print light green/orange histogram bars above/below the zero line, indicating a continuation of the trend.
How to Trade with the Fish Indicator
The image above shows the buy/sell signals generated by the Fish indicator. The lime bars of the histogram are buy signals, and the orange bars are sell signals.
However, to get the most out of the Fish Indicator for MT5, you need to only use signals that are in line with the main trend direction of the market.
Therefore, for example, in a bullish trend, you can open a buy/long position when the indicator prints a new green color histogram. The first lime bar suggests a possible end to the bearish pullback and a potential continuation of the bullish move.
Conclusion
The Fish Indicator for MT5 provides easy to understand trading signals, making it ideal for beginners, intermediate and advanced Forex traders. Lastly, it is also suitable for scalpers and day/intraday traders.
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