Introduction to the Dynamic Balance Point Indicator
The Dynamic Balance Point Indicator calculates the dynamic balance point for the desired period. Even though it is a sort of a multi timeframe indicator, it calculates the balance point without the usual issues that multi timeframe indicators have: the recalculation. The balance point is calculated correctly for the current timeframe and current timeframe chart values, hence there is no recalculation at all. The balance point itself can be used as a sort of support/resistance indicator or for dynamic stop losses (if used for orders/positions management). In the case when it is lower than the current close price(s), consider it as a support. If the close price(s) is lower than the balance point, then use the balance point as a resistance.
The Dynamic Balance Point Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Dynamic Balance Point indicator in MetaTrader (MT5)?
Download the Dynamic Balance Point.rar archive at the bottom of this post, unpack it, then copy and paste the Dynamic Balance Point.ex5 or Dynamic Balance Point.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Dynamic Balance Point indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 and MT5 indicators to download and try.
Download Free Forex MT5 Dynamic Balance Point Indicator
To download the Dynamic Balance Point Indicator for Metatrader 5 (MT5) for free just click the button below: