The Colored Moving Average indicator for Metatrader 5 creates Forex signals based on market trends found with a moving average.
The indicator consists of a red and green colored moving average.
How to spot bull and bear trends with the Colored Moving Average?
- Trend direction is upward when the green colored moving average appears on the chart.
- Trend direction is downward when the red colored moving average appears on the chart.
The indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be adjusted: period, method, price.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Colored Moving Average indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Colored Moving Average Forex Indicator?
Find a simple trading example below:
- A bullish signal is given when the green colored MA appears on the chart.
- Open a buy trade and set your stop loss below the most recent support zone.
- Close the buy trade near prior key resistance, or wait for a sell signal.
- A bearish signal is given when the red colored MA appears on the chart.
- Open a sell trade and set your stop loss above the most recent resistance zone.
- Close the sell trade near prior key support, or wait for a buy 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 ma_colored.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