The Correlation Market State indicator for Metatrader 5 follows the Forex trend and delivers trend signals based on the market state.
The indicator consists of colored blocks that appear in a separate chart screen below the main trading chart.
Key Points:
- The trend is bullish when the green colored market state block appears on the chart.
- The trend is bearish when the orange colored market stats block appears on the chart.
- Works for scalpers, day traders and swing traders.
- Do not repaint the colored trend blocks.
The Correlation Market State indicator works for any trading instrument that can be loaded into the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: period (default value: 35).
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Correlation market state.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Correlation Market State Trend Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Correlation Market State Forex Trend Signal Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal is given when the first green colored block gets plotted on the chart.
- Open a buy trade and set your stop loss 3 pips below short-term support.
- Close the buy trade for a fixed take profit target, or wait for an opposite trading signal (sell).
Sell Signal
- A bearish signal is given when the first orange colored block gets plotted on the chart.
- Open a sell trade and set your stop loss 3 pips above short-term resistance.
- Close the sell trade for a fixed take profit target, or wait for an opposite trading signal (buy).
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Correlation market state.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 Correlation market state.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