The Coral Forex Trend indicator for Metatrader 5 uses moving averages with smoothing filter and follows the best trend for any time frame.
The indicator appears in the main chart screen as a colored signal line that provides buy and sell trade entries and exits.
How to spot market trends with the Coral indicator?
- A green colored coral line indicates a bull trend.
- A red colored coral line indicates a bear trend.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be adjusted: coefficient, applied 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 Coral Forex Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Coral Forex Trend Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored coral line appears on the chart.
- Open a long transaction and set your stop loss below technical support.
- Close the buy trade at prior resistance or wait for the red colored coral line.
- A sell signal is given when the red colored coral line appears on the chart.
- Open a short transaction and set your stop loss above resistance.
- Close the sell trade at prior support or wait for the green colored coral line.
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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 Coral.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