The EMA Ribbon Forex indicator for Metatrader 5 creates powerful ribbon colored trading signals based on an exponential moving average.
The indicator gets displayed in the activity chart as a green (buy) and red (sell) colored EMA ribbon.
The EMA Ribbon indicator works for scalpers, day traders and swing traders alike.
How to interpret this indicator?
- The green EMA Ribbon signal line indicates a bull market.
- The red EMA Ribbon signal line indicates a bear market.
The following indicator inputs and parameters can be modified: period, fast speed, slow speed, price, font, colors.
It works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
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 EMA Ribbon Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The EMA Ribbon Forex Signal Indicator?
Find a simple trading example below:
- The start of the green EMA signal line is your buy entry price.
- Open a buy trade and place your stop loss 3 pips below the most recent support area.
- Close the buy trade for a fixed take profit target or hold the trade until the red colored EMA line pops up on the chart.
- The start of the red EMA signal line is your sell entry price.
- Open a sell trade and place your stop loss 3 pips above the most recent resistance area.
- Close the sell trade for a fixed take profit target or hold the trade until the green colored EMA line pops up on the chart.
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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 Ema variation ribbon.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