The Forex Gump indicator for Metatrader 5 delivers robust trading signals to Forex traders by employing a trend strategy with predefined threshold levels.
This indicator is presented as an oscillator that fluctuates above and below its designated buy and sell thresholds.
Forex Gump works equally for all time frames supported by the Metatrader 5 charting platform.
Here’s a concise explanation of how to interpret the indicator:
- A buy trend occurs when the Forex Gump indicator reaches or surpasses the 15 threshold level.
- A sell trend occurs when the Forex Gump indicator reaches or surpasses the -15 threshold level.
To suit individual preferences, the indicator allows customization of the following settings and parameters: LSMA period, trigger threshold, and colors.
Before utilizing the indicator in a live trading account, it is advisable to test it on a practice account for better understanding and familiarity.
Free Download
lsma_angle.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the Forex Gump indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Forex Gump Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is confirmed when the Gump indicator displays a blue colored bar on the chart.
- Open a buy market order and set a stop loss below the most recent support level.
- Exit the buy trade for a risk to reward ratio of 1.5, or hold the position and wait for the magenta colored bar.
Sell Signal
- A sell signal is confirmed when the Gump indicator displays a magenta colored bar on the chart.
- Open a sell market order and set a stop loss above the most recent resistance level.
- Exit the sell trade for a risk to reward ratio of 1.5, or hold the position and wait for the blue colored line.
