The Forex Price Action Band Pass Filter indicator for Metatrader 5 is an oscillator that provides buy and sell trading signals.
This indicator shows up in a separate chart as a green & red colored signal line and suits both scalpers and day traders.
I don’t recommend using the Forex Price Action Band Pass Filter indicator for swing trading.
How to interpret this technical indicator?
- The green line is short-term bullish.
- The red line is short-term bearish.
The following indicator inputs and parameters can be modified: cycles period, cycles filter, delta, price.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Forex Price Action Band Pass Filter indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Price Action Band Pass Filter Indicator?
Find a simple trading example below:
- The start of the green line is your buy trade entry signal.
- Open a buy trade and place your stop loss 2-3 pips below short-term support.
- Close the buy trade for 7-20 pips profit, or wait for a sell signal.
- The start of the red line is your sell trade entry signal.
- Open a sell trade and place your stop loss 2-3 pips above short-term resistance.
- Close the sell trade for 7-20 pips profit, or wait for a buy signal.
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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 Bandpass filter (pa).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