The Forex Gump indicator for Metatrader 5 delivers robust trading signals to Forex traders by employing a trend strategy with predefined threshold levels.
This indicator is presented as an oscillator that fluctuates above and below its designated buy and sell thresholds.
Forex Gump works equally for all time frames supported by the Metatrader 5 charting platform.
Here’s a concise explanation of how to interpret the indicator:
- A buy trend occurs when the Forex Gump indicator reaches or surpasses the 15 threshold level.
- A sell trend occurs when the Forex Gump indicator reaches or surpasses the -15 threshold level.
To suit individual preferences, the indicator allows customization of the following settings and parameters: LSMA period, trigger threshold, and colors.
Before utilizing the indicator in a live trading account, it is advisable to test it on a practice account for better understanding and familiarity.
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The picture below illustrates how the Forex Gump indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Forex Gump Indicator?
Find a simple trading strategy below:
- A buy signal is confirmed when the Gump indicator displays a blue colored bar on the chart.
- Open a buy market order and set a stop loss below the most recent support level.
- Exit the buy trade for a risk to reward ratio of 1.5, or hold the position and wait for the magenta colored bar.
- A sell signal is confirmed when the Gump indicator displays a magenta colored bar on the chart.
- Open a sell market order and set a stop loss above the most recent resistance level.
- Exit the sell trade for a risk to reward ratio of 1.5, or hold the position and wait for the blue colored line.
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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 lsma_angle.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