Slingshot, the momentum candle indicator MT5 with small stops and huge targets
Big candles do not appear by accident. Somebody with size just moved the market, and that candle becomes the new reference. Price almost always comes back into it for a moment before going again, and that return is the cheapest entry you will find. Slingshot is a momentum candle indicator MT5 that marks the big candle, waits for the pullback, and fires when the market shoots off in the same direction.
The arrow does not repaint, does not move and does not disappear. It needs a closed candle, and once it prints it stays exactly where it printed.
Click the image to enlarge
Real chart, EURUSD on H1. A heavy red candle breaks the range, price climbs back into its middle, and then a red close sends it off again. The sell arrow prints at 1.16329 with the stop above the pullback at 1.16541, a risk of only 21 pips. From there the euro fell all the way to 1.14548, a move of 178 pips, more than eight times the risk. Every price comes from the exact candle history of that chart.
Why the pullback is the good entry
Chasing a big candle is the classic beginner mistake. You buy at the top of the move, the stop has to go far away, and the first pause takes you out. Entering on the return solves both problems at once, because the risk becomes the distance to the pullback instead of the height of the candle.
The idea behind it is plain momentum: what moved with force tends to keep moving. However, the entry has to be patient. Slingshot never fires while price is still coming back, only when a closed candle turns around and goes with the original push.
What Slingshot checks before it fires
- The impulse. A body far bigger than a normal candle of that market, with small shadows.
- The pullback. Price has to come back into the candle, half of it by default, without closing beyond its open.
- The shot. A candle closes back in the direction of the impulse, and that is the arrow.
If the pullback goes too far or takes too long, the setup is dropped. As a result, you never enter a move that already died.
How to trade the momentum candle indicator MT5 signals
- Enter on the close of the arrow candle. The market already turned back in your direction.
- Stop under the pullback, which is the support or resistance the move just built. That is why the stop is so small.
- Target the size of the impulse, and then some. These trades often run several times the risk.
- Move to breakeven early. Therefore, once price passes the far end of the impulse candle, the trade should cost you nothing.
Markets and timeframes
| Gold XAUUSD | M15, excellent |
| EURUSD | H1, the example above |
| GBPUSD | M5, very good for scalping |
This momentum candle indicator MT5 is the most active of the whole set, with several signals a day on the lower timeframes. In practice, the stop stays small on all of them, which is exactly what makes the ratio work.
What is inside
- Impulse candles marked with dots, in both directions.
- Entry arrows on closed candles only. They do not repaint, move or disappear.
- Editable impulse power, pullback depth and the bars allowed for the return.
- Popup, sound, push and email alerts, each one switchable.
- Premium dark chart theme, applied on attach and restored on remove.
Besides, it reads price only, so any broker and any account works. If you want robots that trade by themselves, browse our automated robots, and the rest of the manual set is in our chart tools for traders.
Questions about this momentum candle indicator MT5
Does it repaint? No. The impulse and the entry are both closed candles. Once the arrow prints, it does not move and it does not disappear.
What if price never comes back? Then there is no trade, and the setup expires. Chasing is exactly what this tool is built to avoid.
Can I ask for a deeper pullback? Yes. Raise the depth setting and the entry waits for price to return further into the candle.
Do you have the other version? Yes. This is the MetaTrader 5 build, and Slingshot for MT4 works the same way on MetaTrader 4.
Trading involves risk. Signals are information, not advice, so try any new tool on a demo account first and only trade money you can afford to lose.
