The Auto Envelope Forex Entry indicator for Metatrader 5 delivers excellent trade entry signals based on an envelopes system.
The indicator gets displayed in the price chart as 3 colored lines that form the envelopes trading system.
The Auto Envelopes indicator works the best for scalpers and intraday traders and provides multiple trade entry signals throughout the day.
How to identify the trend with this tool?
- An upward sloping Auto Envelope channel signals an uptrend.
- A downward sloping Auto Envelope channel signals a downtrend.
The following indicator inputs and parameters can be modified: MA period, MA method, deviation factor, deviation period..
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Auto Envelope Forex Entry indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Auto Envelope Forex Entry Indicator?
Find a simple trading example below:
- The envelopes channel must be sloping up.
- A buy signal is given when price touches the middle blue band.
- Open a buy order and place your stop loss slightly below the red line.
- Close the buy trade for 6-20 pips profit, or utilize your own take profit method.
- The envelopes channel must be sloping down (see chart above).
- A sell signal is given when price touches the middle blue band.
- Open a sell order and place your stop loss slightly above the green line.
- Close the sell trade for 6-20 pips profit, or utilize your own take profit method.
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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 Auto_Envelope.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!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration