The COG “Center of Gravity” Channel indicator for Metatrader 5 is a valuable trend tool that provides buy & sell signals for any pair.
The indicator can be used for both trade entry and exit signals.
It’s some kind of average true range indicator that shows the best trend direction at any given moment.
How to interpret the COG indicator?
- An upward sloping COG channel is considered bullish.
- A downward sloping COG channel is considered bearish..
The following indicator inputs and parameters can be modified: period, applied price, deviation multiplier, ATR multiplier.
The COG indicator should work equally well for any trading instrument that can be loaded to the Metatrader 5 platform.
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 COG Channel Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The COG Channel Indicator?
Find a simple trading example below:
- A buy signal occurs when the channel is sloping upward and price touches the middle green band from below.
- Open a buy trade and place your protective stop loss below the lower green COG band.
- Exit the buy trade when price hits the upper red channel band.
- A sell signal occurs when the channel is sloping downward and price touches the middle green band from above.
- Open a sell trade and place your protective stop loss above the upper red COG band.
- Exit the sell trade when price hits the lower green channel band.
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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 COG_Channel.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