The Forex Algo Trend indicator for Metatrader 5 is an effective trading tool that generates buy and sell signals based on market sentiment and digital filters.
It gets displayed as a series of blue and orange colored dots in the price chart.
Here’s a breakdown of how the indicator functions:
- The blue colored algo trend dots indicate an uptrend.
- The orange colored algo trend dots suggest a downtrend.
The indicator includes the following inputs and variables: MA period, MA type, MA price, trigger level from moving in points.
Test the Forex Algo Trend indicator first on a demo account before using it on a real trading account.
Valuable tips for scalpers and day traders using this indicator:
- Minimize trading costs by applying the Algo Trend indicator on currency pairs with lower spreads.
- Focus on trading during the most volatile trading hours, volatility often presents more frequent trading opportunities.
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The picture below shows how the Forex Algo Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Forex Algo Trend Indicator?
Find a simple trading strategy below:
- The first blue colored Algo Trend dot generates a buy trade entry signal.
- Open a long trade and set a protective stop order below the most recent swing low.
- Exit the buy trade for a fixed profit target of your preference.
- Alternatively: hold the buy transaction and wait for the first orange colored dot.
- The first orange colored Algo Trend dot creates a sell trade entry signal.
- Open a short trade and set a protective stop order above the most recent swing high.
- Exit the sell trade for a fixed profit target of your preference.
- Alternatively: hold the sell transaction and wait for the first blue colored dot.
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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 ma_distance_from_price.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