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, type of price.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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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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:
- 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.
- 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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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