The Chart Enhancer indicator for Metatrader 5 is a robust charting tool that empowers users with a wide array of options to personalize the default MT5 price chart.
With this indicator, you gain the freedom to tailor numerous parameters and indicator settings according to your preferences.
Key Features
- Hotkey
- Auto color scheme
- Light color scheme
- Dark color scheme
- Remove grid
- Remove period separators
- Mute candles
- Last candle
This indicator is compatible with all trading instruments available on the MT5 charting platform.
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Chart.Overlay.mq5 Indicator (MT5)
Chart Example
The picture below displays what the Chart Enhancer indicator looks like when applied to the MT5 chart.
Enhanced Trend Following MT5 Strategy Using Chart Enhancer + Trend Spotter
This strategy leverages the visual clarity provided by the Chart Enhancer Indicator combined with the reliable trend signals from the Trend Spotter Forex Indicator.
It is designed to help traders confidently identify and ride strong trends.
Strategy Overview
The Chart Enhancer improves chart readability by highlighting key price levels, support/resistance zones, and trendlines, while the Trend Spotter Indicator signals trend direction and potential entry points with clear buy/sell alerts.
Buy Trade Setup
- Look for the Trend Spotter to display a bullish trend signal or buy alert.
- Use the Chart Enhancer to confirm that the price is respecting an upward trendline or bouncing off a key support level.
- Wait for price action confirmation, such as a bullish candle closing above the recent high.
- Enter a buy trade with a stop-loss set below the identified support or trendline.
- Target the next resistance level or use a trailing stop to capture extended moves.
Sell Trade Setup
- Identify a bearish trend signal or sell alert from the Trend Spotter Indicator.
- Confirm with the Chart Enhancer that the price is testing a downward trendline or resistance zone.
- Enter a sell trade on bearish price action confirmation (e.g., candle close below recent low).
- Set stop-loss just above the resistance or trendline.
- Take profit at the next support level or use trailing stops as the downtrend continues.
Additional Recommendations
- Use this strategy on higher timeframes such as H1, H4, or daily for more reliable trend signals.
- Combine with volume or momentum indicators for stronger confirmation.
- Be cautious of trend reversals and watch for conflicting signals on the Chart Enhancer.
By combining the Chart Enhancer Indicator with the Trend Spotter Forex Indicator, this strategy offers traders a powerful way to enter trending markets with confidence.
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Chart.Overlay.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Chart.Overlay.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
