Legacy Trader Indicator for MT5 Download – Free – [TradingFinder]

The Legacy Trader indicator is designed for the MetaTrader 5 platform, with its primary goal being to analyze market direction and trend strength.

This Trading tool uses a dynamic line, colored dots, and a text display in the chart corner to visually reflect the current market conditions.

By using this indicator, users can identify optimal entry and exit positions. Moreover, this trading tool acts as a trailing stop, and the areas behind the dynamic line can be logically used to set stop-loss (SL) levels.

Legacy Trader Indicator Specifications Table

The specifications of the Legacy Trader indicator are presented in the table below:

Indicator at a Glance

In the Legacy Trader indicator, the trailing stop lines and dot markers are displayed in two distinct colors: light blue and purple.

The blue color indicates the start of an uptrend, while the purple color marks the beginning of a downward movement.

Notably, the starting point of each line can be considered a favorable entry point into a trade.

Uptrend Conditions

Based on the 4-hour chart of the cryptocurrency Solana (SOL), the starting point of trailing stop lines is observed below the candles in the marked area.

In this setup, the blue dot can be interpreted as a buy entry signal and a suitable stop-loss level should be set below the trailing stop line.

Downtrend Conditions

According to the 1-hour NZD/USD currency pair chart, a purple dot appears above the candles, simultaneously accompanied by a trailing stop line drawn in the direction of the downtrend.

Under these circumstances, the marked area can be considered a valid entry point for a sell position.

Legacy Trader Indicator Settings

The settings of the Legacy Trader indicator are as follows:

• ALERT: Show or hide alerts when a signal is triggered
• EMAIL: Enable or disable email alerts when a signal occurs
• NOTIFICATION: Activate or deactivate push notifications
• MESSAGE_TIMEOUT: Duration (in seconds) The alert message is displayed on the screen
• MESSAGE_SUBJECT: Title of the alert message for signal classification
• Lookback: Number of historical candles used in indicator calculation
• Font Size: The font size of the text shown in the corner of the chart

Conclusion

The Legacy Trader indicator uses colored markers and on-chart text to visually indicate market direction. Sky blue dots signal the start of an uptrend, whereas purple dots represent the beginning of a downtrend.

The accompanying text display provides insights into the strength of the current candle. The combination of these elements allows traders to identify reliable signals for market entries.