Correlation Angle for Metatrader 5 is just another version of the Correlation Phasor Forex indicator and it provides awesome buy and sell trading signals.
The indicator appears in a bottom chart window as a green & orange colored technical oscillator that provides trend direction.
For scalper, the Correlation Angle indicator works the best during the London and U.S. trading sessions on the M5 and M15 technical charts.
The Correlation Angle Forex indicator can be applied to currency pairs, indices, metals, stocks, etc. in Metatrader 5.
The following indicator inputs and parameters can be modified: period, style, color.
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 Correlation Angle Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Correlation Angle Forex Trend Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored Correlation Angle cloud appears on the chart.
- Open a buy trade and place your stop loss below the most recent swing support level.
- Close the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
- A sell signal is given when the orange colored Correlation Angle cloud appears on the chart.
- Open a sell trade and place your stop loss above the most recent swing resistance level.
- Close the sell trade for a reward/risk ratio of at least 1.5, 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 Correlation angle.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