The Corr Generalized Double DEMA indicator for Metatrader 5 follows the best trend at any time and shows where to enter and exit the trade.
The indicator gets displayed in the price chart as a green and red colored signal line.
How does it work?
- A green signal line reveals that the trend is heading upward.
- A red signal line reveals that the trend is heading downward.
The indicator contains the following inputs and parameters: double DEMA period, volume factor, price, correction period, color change, floating levels period, upper level %, lower level %.
Tip: For scalping off the M1 and M5 price charts, deploy the indicator on the lower spread currency pairs.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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 Corr Generalized Double DEMA indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Corr Generalized Double DEMA Forex Indicator?
Find a simple trading example below:
- The appearance of the green colored signal line is a buy signal.
- Open a buy trade and place your stop loss order below the gray colored cloud.
- Exit the buy trade for a fixed take profit target or wait for a sell signal.
- The appearance of the red colored signal line is a sell signal.
- Open a sell trade and place your stop loss order above the gray colored cloud.
- Exit the sell trade for a fixed take profit target, 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 Corr generalized double DEMA.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