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FxGlow Dual Forecast MT5

This unique indicator detects scalping opportunities calculated from prediction algorithms, NOT breakouts. Signals occur at the beginning/open of the bar.

Dual means it has the ability to give scalping signals and at the same time confirmation from market sentiment.


Expectations

To achieve more accurate trading, please use this tool in addition or support to the system you are using. This tool will perform better if combined with a right strategy.


Combination

You can combine basic support/resistance and supply/demand zones to further filter signals.


Key features

  • Detects scalping signals from prediction algorithms
  • Detects market sentiment to confirm the signal
    • Bullish sentiment - only trade buy signals
    • Bearish sentiment - only trade sell signals
    • Neutral sentiment - trade both buy and sell signals
  • DOES NOT repaint
  • DOES NOT recalculate
  • Signals on OPEN/beginning of a bar
  • Works in ALL pairs
  • Works in ALL timeframes
  • Can be used for Expert Advisors
  • Implements popup, email, push notification and sound alerts


Settings

  • Signal - number of bars used to calculate scalp signals
  • Sentiment - number of bars used to calculate sentiment
  • Max Bars - maximum number of history bars used

How to Use

The indicator is composed of two parts:

  • Scalp signals = signal to enter a trade
  • Market sentiment = confirms the scalping signal

Valid buy signals

  • Sentiment is bullish
  • Sentiment is neutral

Valid sell signals

  • Sentiment is bearish
  • Sentiment is neutral

Stop Loss

  • Use dynamic approach based on volatility
  • Use support/resistance levels
  • Higher timeframe uses higher values, lower timeframe uses lower values
  • Swing high for sell signals, swing low for buy signals

Take Profit

  • Use dynamic approach based on volatility
  • Use support/resistance levels
  • Use hard pips depending on a pair/timeframe
  • ATR (Average True Range) based

Timeframes

  • M15 for day trades
  • M5 for scalps
  • H1/H4 for swing trades

Pairs

  • Best for low spread pairs

Sessions

  • Asian session - expect smaller price movement
  • London session - more price movement

Limitations

  • Does not include exit strategy
  • Best not to trade on news releases


Notes

This indicator is a manual trading tool that can be used in many ways.

To test its effectiveness to your current trading systems, please take time to test the free DEMO first.

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