The FX MAX indicator designed for Metatrader 5 is a moving average based smoothed oscillator that provides fantastic buy/sell signals to Forex traders.
The indicator gets loaded in a sub-chart window as a series of histogram bars that appear above and below the 0 level.
To determine the trend using this tool, follow these guidelines:
- In a bullish market, the FX MAX histogram bars trade above 0.
- In a bearish market, the FX MAX histogram bars trade below 0.
The indicator contains the following inputs and parameters: fast MA period, slow MA period, smoothing type, and type of price.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
FX MAX can be utilized in conjunction with any trading strategy to enhance trend confirmation or as a standalone tool for buy/sell signals.
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ytg_awesome_v2.mq5 Indicator (MT5)
Chart Example
The image below illustrates how the FX MAX indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The FX MAX Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the first FX MAX histogram bar turns back above the zero level from below (see chart example above).
- Execute a buy market order and set a stop loss below short-term support.
- Exit the buy trade for a minimal risk to reward ratio of 1.0.
- Alternatively, close and reverse the buy trade when the first FX MAX bar turns back below zero.
Sell Signal
- A sell signal is confirmed when the first FX MAX histogram bar turns back below the zero level from above.
- Execute a sell market order and set a stop loss above short-term resistance.
- Exit the sell trade for a minimal risk to reward ratio of 1.0.
- Alternatively, close and reverse the sell trade when the first FX MAX bar turns back above zero.
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ytg_awesome_v2.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 ytg_awesome_v2.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