The Forex Slope Direction Signal indicator for Metatrader 5 is a solid trend trading system that provides buy & sell signals for any pair.
The indicator is built on a moving average + slope filter for better trend prediction.
How does it work?
- A green colored dot indicates a bullish market trend.
- A red colored dot indicates a bearish market trend.
- A gray colored dot indicates a sideways moving market.
The indicator contains the following inputs and parameters: MA period, MA method, MA applied price, slope period, slope method, slope applied price.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
Download Indicator 🆓
The following chart shows how the Forex Slope Direction Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Slope Direction Signal Indicator?
Find a simple trading example below:
- A buy signal is given when the first green colored dot appears in the chart.
- Open a buy order and place your stop loss below technical support.
- Close the buy trade for a risk/reward ratio of 1:2, or wait for a sell signal.
- A sell signal is given when the first red colored dot appears in the chart.
- Open a sell order and place your stop loss above technical resistance.
- Close the sell trade for a risk/reward ratio of 1:2, or wait for a buy signal.
Download Now 🆓
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 Slope_Direction_Line_Bar.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