The Forex Averages Heatmap for Metatrader 5 consists of 256 averages and predicts future market trends for any trading instrument.
It appears in a separate chart window as a blue and orange colored heatmap.
How does it predict future market trends?
- A fully colored blue heatmap predicts an uptrend.
- A fully colored orange heatmap predicts a downtrend.
- A mixed colored heatmap suggests a sideways market trend.
The indicator allows customizing the following settings and parameters: average method, starting average period, price, color for slope up, color for slope down, line width, and line style.
The Forex Averages Heatmap indicator can be easily combined with other technical indicators but it should perform well as a standalone trading tool.
Make yourself familiar with this technical tool and test it first on a demo account until you fully understand how it works.
Scalpers and day traders will benefit the most from using this tool during the most volatile trading hours.
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Averages_heatmap.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Forex Averages Heatmap indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Forex Averages Heatmap?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the Forex Heatmap is colored blue (see chart above).
- Open a long trade and place a stop order just below technical support.
- Take profit method 1: exit the buy trade for a risk-to-reward ratio of at least 1.5.
- Take profit method 2: exit the buy trade for a predetermined number of pips.
Sell Signal
- A sell signal occurs when the Forex Heatmap is colored orange.
- Open a short trade and place a stop order just above technical resistance.
- Take profit method 1: exit the sell trade for a risk-to-reward ratio of at least 1.5.
- Take profit method 2: exit the sell trade for a predetermined number of pips.
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Averages_heatmap.mq5 Indicator (MT5)
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_heatmap.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
