The Forex Trend Averages indicator for Metatrader 5 creates super easy to follow buy/sell trend signals based on the averages trading method.
The indicator gets displayed in the activity chart as a green and violet colored signal line that follows the best trend at any time.
The averages indicator works for any time frame, from the M1 price chart up to the monthly.
How to interpret this trend indicator?
- The green colored signal line indicates a bullish trend.
- The violet colored signal line indicates a bearish trend.
The following indicator inputs and parameters can be modified: average and filter period, average method, price, filter size, font, colors.
Forex Trend Averages works for any trading instrument (Forex, Stocks, Indices, 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 Trend Averages indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Trend Averages Indicator?
Find a simple trading example below:
- The start of the green colored signal line is a buy signal.
- Open a buy trade and place your stop loss 3 pips below technical support.
- Close the buy trade for a fixed take profit target or hold the trade until the trend reverses (violet signal line).
- The start of the violet colored signal line is a sell signal.
- Open a sell trade and place your stop loss 3 pips above technical resistance.
- Close the sell trade for a fixed take profit target or hold the trade until the trend reverses (green signal 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 Filtered averages.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