The Double MA Cross Draw Histogram Forex indicator for Metatrader 5 is a trend histogram that provides buy & sell trading signals.
The indicator is composed of a slow and fast moving average that creates a simple crossover trading strategy.
- A bullish trend occurs when the fast MA crosses above the slow MA from below.
- A bearish trend occurs when the fast MA crosses below the slow MA from above.
- Works for any trade style of your preference.
- Does not repaint the colored MA histogram.
The following indicator inputs and parameters can be modified: fast MA time frame, period, shift, applied price, slow MA time frame.
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 Double MA Cross Draw Histogram indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Double MA Cross Draw Histogram Forex Indicator?
Find a simple trading example below:
- A bullish signal is given when the red colored MA histogram appears on the chart.
- Open a buy trade and set your stop loss 3 pips below the low of the red colored histogram.
- Close the buy trade for a fixed take profit target, or wait for a sell signal.
- A bearish signal is given when the green colored MA histogram appears on the chart.
- Open a sell trade and set your stop loss 3 pips above the high of the green colored histogram.
- Close the sell trade for a fixed take profit target, 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 Double MA Cross Draw Histogram.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