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, and 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.
It supports all time frames and Forex pairs.
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Damiani_Volatmeter.mq5 Indicator (MT5)
Chart Example
The following chart shows what 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:
Buy Signal
- 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.
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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Damiani_Volatmeter.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 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