BykovTrend Indicator For MT5
Table Of Contents:
- BykovTrend Indicator For MT5
- Trading ideas with the BykovTrend Indicator For MT5
- BykovTrend Indicator For MT5 - Buy Entries
- BykovTrend Indicator For MT5 - Sell Entries
- BykovTrend Indicator For MT5 - Conclusion
The BykovTrend Indicator For MT5 is based on the Williams Percentage Range calculation method. The purpose of the indicator is to help you to get very early into new trends. Signals are drawn with green and violet colors.
The BykovTrend Indicator For MT5 is a very simple tool that works on the formula of William Percentage Range. People who have extensive experience in trading, know exactly the influence of the WPR data in the trade execution process.
But due to the complexities in the generic WPR reading, smart investors are tending towards the Bykob Trend indicator which works on the same formula of WPR but in a very different way.
Instead of giving the complicated reading, the indicator creates a simple arrow market that tells the quality of the trade setup. At the initial stage, you might get confused by seeing the frequent formation of the arrow but it can be solved easily.
If you take the reading in the higher time frame, you will get less reversal signal and this will eventually boost up the profit. But never try to earn big money by increasing the risk size while using this indicator.
Trading ideas with the BykovTrend Indicator For MT5
The trading strategy that you will be using plays an important role in the success of the Bykov Trend indicator. Though it’s a simple tool it can pin out the reversal point with high accuracy. The reversal point can be found at the end of the retracement.
Any investors using a trend trading strategy can take a significant advantage by using this technique and this will allow them to earn a big profit without losing too much money. Integrating the trading method can be a tough task but when you take the readings following the trading strategy, chances are high you will be able to mark the losing trades.
This should slowly improve your skills and make you a great trader within a short period. But remember, you must take help from a demo account so that you know the Bykov Trend indicator is performing well with your existing trading strategy.
BykovTrend Indicator For MT5 - Buy Entries
Locating the ideal buying spot for any asset is a very challenging task. People who have strong analytical skills often go for a complex trading strategy. But the complex strategy is not always fruitful especially when you take the reading in the lower time frame.
You get a very short time to analyze tons of variables which eventually increases the risk exposure level in each trade. But if you systematically use the Bykob Trend indicator, you do have the chance to minimize the risk profile at trading. After finding the valid buying signal, you should be looking for the green arrow. The green might appear after 2-3 candles.
The late appearance of the green arrow tells you that the indicator is considering the momentum. Unless the indicator is sure that the bulls have regained their strength, it is not going to show the bullish green arrow. As you get the ideal condition to take the trades, you should analyze the potential risk to reward ratio.
Since the trade is often executed after a few candles, the stop loss might become a little bit wider and you have reconsidered the risk to reward ratio. If the risk-reward ratio is still better than 1:2, you can open the long order with a great level of confidence without having a second thought. So, analyze the important metrics so that you don’t have to lose too much money.
BykovTrend Indicator For MT5 - Sell Entries
People who have extensive experience in using the Bykov Trend indicator often take short trade based on the price action and the arrow signal. For the short trade, the arrow color should be purple. The purple color arrow suggests the market has hit the saturation level and the bears are going to dive in to push the price to a new low.
But some of you might not have the skills to analyze the price action patterns. They are going to open the trades based on resistance level and some other indicators. After they find the sell setup, they should look for the purple arrow. The purple arrow usually forms right at the resistance zone giving the investors a green signal to open the short trade.
But don’t get fooled by seeing the signal market from the BykovTrend indicator. Smart investors always consider the risk-reward ratio in the trades. The rookies often trade with a 1:3 risk to reward ratio but the risk factor for a certain trade becomes very high. If the risk factor is very high, investors won’t be able to recover the losses without having stress.
Most importantly, they will be frustrated and become confused about the potential outcome of the market. To ensure quality trades are taken with the help of this indicator, the risk in each trade must be equivalent to 2% of the capital or less than that. Taking high risk is never going to work in the trading business.
BykovTrend Indicator For MT5 - Conclusion
Smart traders know the risk in the Forex trading business. They don’t get excited even after getting access to the premium BykovTrend indicator. This is nothing a trade filter tool that can help you to find the major reversal point.
Instead of taking the trades with this indicator, you should be looking to find the setups based on your existing trading strategy. After that, you should be looking to boost your win ratio with the help of this amazing indicator. As you learn about the important metrics of the market, you should be spending more time in testing the different trading techniques with this Bykov Trend indicator.
Soon, you will realize trading is a very easy task when you get the right tools like the ByKov Trend indicator. Those who are using a trading strategy that is heavily dependent on the complex indicator should give a second thought before integrating this BykovTrend indicator. Based on its reading, you can ignore the oscillators in your existing trading strategy.
The functions of the ByKov trend indicator are not only limited to the trade filter tool but it can also work as an excellent factor that determines the overbought and oversold state. Try to ease the process of trading with the aid of this amazing indicator.