Consensus Of 5 Forex Signal Indicator For MT5

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 them.

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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Consensus_of_Five.mq5 Indicator (MT5)

Chart Example

The following chart shows what 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:

Buy Signal

  • 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.

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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Consensus_of_Five.mq5 Indicator (MT5)

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