The Correlation Forex Trend indicator for Metatrader 5 consists of two trend correlation lines that generate buy & sell signals when they cross each other.
The indicator appears in a bottom chart as a white and red colored correlation signal with different period settings.
How it works?
- The trend is upward when the white correlation line crosses the red line bottom-up.
- The trend is downward when the white correlation line crosses the red line top-down.
The Correlation Forex Trend indicator works fine for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: short period, long period.
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 Forex Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Correlation Forex Trend Indicator?
Find a simple trading example below:
- A bullish signal is given when the white line has crossed above the red line from below.
- Open a buy trade and set your stop loss 3 pips below support.
- Close the buy trade for a fixed take profit target of your preference, or wait for an opposite trading signal (sell).
- A bearish signal is given when the white line has crossed below the red line from above.
- Open a sell trade and set your stop loss 3 pips above resistance.
- Close the sell trade for a fixed take profit target of your preference, or wait for an opposite trading signal (buy).
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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 trend indicator.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