Point of Balance MT5 Forex Indicator Free DownloadPoint of Balance MT5 Forex Indicator Free Download

The balance point mt5 forex indicator is a three-line channel and is the revealer of the current trend breakout line. Price and chart candlesticks move above/below the channel.

It consists of three lines: the red and green lines are aligned with the upper and lower outer borders of the channel respectively, while the blue line is in the middle of the channel.

This indicator is displayed directly on the main trading chart.

It is suitable for various time frames and currency pairs.

Default indicator settings can be modified directly from the input tab. Feel free to experiment with settings and parameters that suit your preferences. Let's take a closer look at these inputs below.

Period – Defines the calculation period.

The formula of the balance point indicator:

The calculation of the balance point indicator is based on the following formula:

BL = (MinH+MaxH)/2,

BR = (MinL+MaxL)/2,

POB = (BL+BR)/2,

Where

MinH, MaxH – the maximum and minimum values ​​of the highest price within a period of time;

MinL, MaxL – are the highest and lowest minimum prices over a period of time.

How to use balance points:

Bullish sentiment is considered when the candlestick aligns above the POB indicator channel. Alternatively, when the candlestick is below the channel, bearish sentiment is developing.

How to set the Balance Point indicator in MT5?

Installation Guide

Copy and paste the POB.mq5 or POB.ex5 indicator file into the MQL5 folder of the MetaTrader 5 trading platform.

You can access this folder by clicking on the top menu option as shown below:

File > Open data folder > MQL5 > Indicators (paste here).

Now go to the left side of the MT5 terminal. In Navigator , find the meter name, right-click it and select Attach to the chart .

Bottom Line

The Balance Point indicator is worth adding to your trading arsenal, but remember to have realistic expectations. Like any other technical analysis tool, it cannot provide 100% accurate signals. Therefore, this Forex indicator can occasionally provide false signals. Its performance will vary widely based on market conditions. Feel free to develop your trading system based on it.

Point of Balance MT5 Forex Indicator Free Download