Correlation Phasor for Metatrader 5 is a great Forex trend indicator that delivers buy & sell trade entries and exit signals for any FX pair.
The indicator appears in a separate chart window as a colored oscillator that oscillates above and below the neutral zero level.
How to determine trend direction with this indicator?
- A green colored Correlation Phasor indicator cloud is bullish.
- An orange colored Correlation Phasor indicator cloud is bearish.
The Correlation Phasor technical 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, and color.
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 phasor.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Correlation Phasor Forex Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Correlation Phasor Forex Trend Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green colored Correlation Phasor 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.
Sell Signal
- A sell signal is given when the orange colored Correlation Phasor 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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Correlation phasor.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 phasor.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