The Chase The Trend V1 indicator for Metatrader 5 works similar to moving averages and provides powerful buy and sell signals to Forex traders.
The indicator gets loaded in the main chart window as a blue colored line that follows the overall trend.
How to interpret the Chase The Trend V1 indicator?
- Price action above the blue colored line is considered bullish.
- Price action below the blue colored line is considered bearish.
The indicator contains the following inputs and parameters: averaging period, limiting on/off, maximal value.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
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The picture below shows how the Chase The Trend V1 Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Chase The Trend V1 Forex Indicator?
Find a simple trading strategy below:
- A buy signal is confirmed when the candle closes above the blue colored line from below.
- Initiate a buy transaction and add a stop order below technical support.
- Exit the buy trade for a fixed pip profit target, for example +25 pips target on the 5-minute chart.
- Optional: wait for a bearish trend reversal signal.
- A sell signal is confirmed when the candle closes below the blue colored line from above (see chart example above).
- Initiate a sell transaction and add a stop order above technical resistance.
- Exit the sell trade for a fixed pip profit target, for example +50 pips target on the 1-hour chart.
- Optional: wait for a bullish trend reversal signal.
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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 chase_the_trend_v1.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