The Forex Gold Signal indicator for Metatrader 5 is a user-friendly yet powerful technical tool that draws buy and sell clouds on the chart.
This indicator is composed of two moving averages and provides trend direction for any currency pair.
- The green colored Gold cloud indicates a buy trend.
- The violet colored Gold cloud suggests a sell trend.
- The indicator does not repaint the clouds.
To suit individual preferences, the indicator allows customization of the following settings and parameters: MA period 1, MA period 2, price.
Tip: you can combine the Gold signal indicator with other technical analysis tools and trading techniques to increase the probability of successful Forex trades.
To gain confidence in utilizing the Forex Gold Signal indicator, it is advisable to test it extensively on a demo account over an extended period.
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The image below displays how the Forex Gold Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Forex Gold Signal Indicator?
Find a simple trading strategy below:
- The appearance of the green colored cloud signals a buy trend.
- Initiate a buy transaction and place your stop loss below the green colored cloud.
- Close the buy position for a fixed take profit target that suits your preferences.
- The appearance of the violet colored cloud signals a sell trend.
- Initiate a sell transaction and place your stop loss above the violet colored cloud.
- Close the sell position for a fixed take profit target that suits your preferences.
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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_2htf.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