The Forex Speed Oscillator indicator for Metatrader 5 is a buy/sell technical tool that can help you pinpoint trade entry signals more accurately.
The indicator consists of a single blue colored line that oscillates above and below the zero level.
Key Points:
- The trend is bullish when the blue speed line oscillates above zero.
- The trend is bearish when the blue speed line oscillates below zero.
- Works best for scalpers and day traders.
- Do not repaint the signal line.
The Forex Speed indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: MA period, MA mode, speed averaging period.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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SpeedOscillatorv2.2.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Forex Speed Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Speed Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given as soon as the blue speed indicator line crosses above the zero level from below.
- Open a buy trade and set your stop loss 3 pips below short-term support.
- Close the buy trade for a fixed take profit target, or wait for an opposite trading signal (sell).
Sell Signal
- A sell signal is given as soon as the blue speed indicator line crosses below the zero level from above.
- Open a sell trade and set your stop loss 3 pips above short-term resistance.
- Close the sell trade for a fixed take profit target, or wait for an opposite trading signal (buy).
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SpeedOscillatorv2.2.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 SpeedOscillatorv2.2.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