The Extrapolator Price Forecaster indicator for Metatrader 5 predicts future market trends based on the Extrapolator trading method.
The indicator appears as a 2-color signal line on the price chart.
To interpret this trading tool effectively, pay attention to the following guidelines:
- The blue colored line predicts a bullish trend.
- The red colored line predicts a bearish trend.
The indicator allows customizing the following settings and parameters: method, last bar, past bars, colors, etc.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
This forecasting tool works for any time frame and trading instrument offered by the MT5 charting platform.
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The picture below illustrates how the Extrapolator Price Forecaster indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Extrapolator Price Forecaster Indicator?
Find a simple trading strategy below:
- The appearance of the blue colored Extrapolator line is a buy signal.
- Open a buy market order and set a stop loss below the most recent swing low zone.
- Exit the buy trade if the risk to reward ratio reaches a minimum of 1.5.
- Optionally, hold and reverse the buy trade when the red colored Extrapolator line gets displayed on the chart.
- The appearance of the red colored Extrapolator line is a sell signal.
- Open a sell market order and set a stop loss above the most recent swing high zone.
- Exit the sell trade if the risk to reward ratio reaches a minimum of 1.5.
- Optionally, hold and reverse the sell trade when the blue colored Extrapolator line gets displayed 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 extrapolator.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