The Ehlers Roofing Signal Forex Indicator for Metatrader 5 was developed by John Ehlers and it identifies short-term uptrends and downtrends.
The indicator appears in a separate chart window as two colored lines that cross each other when the short-term trend turns.
It can be used as a simple to use crossover trading system.
- A buy signal occurs when the shorter-term signal line crosses above the longer-term signal line.
- A sell signal occurs when the shorter-term signal line crosses below the longer-term signal line.
Both signal line periods can be adjusted by editing the indicator’s input.
Make yourself familiar with this 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 Ehlers Roofing Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Ehlers Roofing Signal Forex Indicator?
Find a simple trading example below:
- A buy signal occurs when the green colored signal line appears in the bottom chart.
- Open a buy trade and place a stop loss 3 pips below short-term support.
- Close the buy transaction as soon as a sell signal occurs on the chart, or for a fixed profit target.
- A sell signal occurs when the red colored signal line appears in the bottom chart.
- Open a sell trade and place a stop loss 3 pips above short-term resistance.
- Close the sell trade transaction as soon as a buy signal occurs on the chart, or for a fixed profit target.
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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 EhlersRoofingFilter.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