The Damiani Volatmeter indicator for Metatrader 5 is an interesting oscillator that can be used by scalpers and intraday traders.
It should work for traders looking for 5-15 pips profit per trade.
The indicator appears in a bottom window as two colored lines that cross each other:
- A bullish cross occurs when the green line crosses the red line upward.
- A bearish cross occurs when the green line crosses the red line downward.
The following indicator inputs and parameters can be modified: threshold, applied price, lag, style, viscosity.
The Damiani Volatmeter indicator should work equally well for any trading instrument that can be loaded to the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Damiani Volatmeter indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Damiani Volatmeter Indicator?
Find a simple trading example below:
- A buy signal is given when the green line crosses the red line bottom up.
- Execute a buy order and place a protective stop loss below immediate support.
- Exit the buy trade for 5-15 pips profit per trade, or wait for a sell signal.
- A sell signal is given when the green line crosses the red line top down.
- Execute a sell order and place a protective stop loss above immediate resistance.
- Exit the sell trade for 5-15 pips profit per trade, 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 Damiani_Volatmeter.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