Solar Wind Indicator

Solar Wind Indicator

The Solar Wind Indicator For MT5 is a trend following indicator that allows forex traders to identify bullish and bearish market conditions and buy or sell accordingly.

Categories: Trend, Oscillator, MT5

The solar wind indicator for MT5 is a trend following indicator that provides forex buy and sell trading signals using a histogram. Thus, traders can quickly determine the direction and strength of the trend and make the appropriate decision to enter or exit the market.

The indicator is easy to use and interpret, so it is best for beginners and experienced forex traders.

However, advanced forex traders can use the indicator to further confirm other trading strategies or enable automated trading strategies.

Solar Wind Indicator For MT5 Trading Signals

The above EURUSD H1 candlestick chart shows the solar wind indicator for MT5 in action. The indicator builds a histogram as a separate window. Green histogram bars indicate a bullish market condition, while red histogram bars indicate a bearish market.

Forex traders should enter the market with a buy trade as soon as the histogram bar changes color from red to green, with a stop loss below the previous swing high. Similarly, if the histogram turns from green to red, traders should place a sell position with a stop loss above the previous swing high.

The best strategy for taking profits is to exit the market on the opposite trading signal. However, traders may try to exit if the trade comes with a good risk/reward ratio. In addition, the indicator does not allow much customization, the only input is the period for calculating the indicator.

Technical traders should be aware that the indicator redraws. Thus, it is in the trader’s interest to use additional indicators or price action for confirmation.

Conclusion
The solar wind indicator for MT5 effectively displays long-term forex trends. Lower timeframe price charts often show signals and can lead to overtrading or confusion. Thus, it is best suited for higher time frame price charts.