The EMA Forex Trend Scalper indicator for Metatrader 5 transforms price data into a signals oscillator that’s built on an exponential moving average.
The indicator shows up in a separate chart window as an oscillator that oscillates above and below 0.
It can be combined with any trading strategy for additional trend confirmation, or as a standalone buy/sell signal scalper tool.
How does it work?
- Green colored EMA bars indicate a bullish trend.
- Violet colored EMA bars indicate a bearish trend.
The indicator contains the following inputs and parameters: averages period, averages method, averages price, smoothing/slowing period.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the EMA Forex Trend Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The EMA Forex Trend Scalper Indicator?
Find a simple trading example below:
- A buy signal occurs when the first green colored EMA histogram bar gets displayed above zero.
- Enter a long trade and place your stop loss order below the most recent support level.
- Exit the buy trade for a fixed profit target or wait for a sell signal.
- A sell signal is given when the first violet colored EMA histogram bar gets displayed below zero.
- Enter a short trade and place your stop loss order above the most recent resistance level.
- Exit the sell trade for a fixed 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 Averages composite trend.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