The Forex Trendy indicator for Metatrader 5 is a popular trading tool that provides accurate trend and trend continuation signals to currency traders.
Using an intelligent trading formula, this indicator thoroughly analyzes trends and offers reliable recommendations for buying and selling trades.
When applied to a price chart, the Forex Trendy indicator displays buy and sell arrows in distinct green and magenta colors.
Additional arrows help traders identify optimal entry points for trades in trending markets.
To facilitate buy/sell trade entries using the Forex Trendy indicator, adhere to the following guidelines:
- A green colored arrow is a buy signal.
- A magenta colored arrow is a sell signal.
Forex Trendy offers various customizable inputs and parameters, including the indicator period and arrow colors.
We strongly recommend familiarizing yourself with this technical indicator and conducting extensive testing on a demo account over an extended period of time.
The Forex Trendy indicator is capable of serving as a standalone signal tool, eliminating the need for additional trading tools.
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The picture below illustrates how the Forex Trendy indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Forex Trendy Indicator?
Find a simple trading example below:
- The green colored arrow is a buy signal.
- Open a buy market order and place a stop order below support.
- Exit the buy trade for a fixed profit target of your preference, or await a sell arrow to close the buy trade.
- The magenta colored arrow is a sell signal.
- Open a sell market order and place a stop order above resistance.
- Exit the sell trade for a fixed profit target of your preference, or await a buy arrow to close the buy trade.
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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 stream.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