The Consensus of 5 Forex Signal indicator for Metatrader 5 is a great technical tool that delivers trend signals for any FX pair and time frame.
It’s composed of 5 technical indicators: ADX, MACD, CCI, DMI and Stochastics.
You can enable/disable the indicators you don’t want to use, just experiment with it.
The Consensus of 5 indicator works seamlessly on any time frame and fits any trade style.
How does it work?
- A blue colored dot indicates a bullish market trend.
- A red colored dot indicates a bearish market trend.
- A gray colored dot indicates a sideways moving market.
The indicator contains the following inputs and parameters: use ADX as trend filter, use DMI, use CCI, use MACD, use Stochastic, periods, etc.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Consensus of 5 Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Consensus of 5 Forex Signal Indicator?
Find a simple trading example below:
- A buy signal occurs when the first blue dot appears on the chart (see chart above).
- Open a buy order and place your stop loss below the most recent support area.
- Close the buy trade for a risk/reward ratio of 1:3, or wait for a sell signal.
- A sell signal occurs when the first red dot appears on the chart.
- Open a sell order and place your stop loss above the most recent resistance area.
- Close the sell trade for a risk/reward ratio of 1:3, 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 Consensus_of_Five.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