The Gaussian Filter indicator for Metatrader 5 is built around the Gaussian trading method and delivers robust trading signals to Forex traders.
The indicator appears as a 2-color alternating signal line on the price chart.
The Gaussian Filter indicator works equally well for scalping, day trading and swing trading across all time frames supported by the Metatrader 5 charting platform.
Below is a brief explanation of how the indicator ought to be understood:
- The green colored Gaussian Filter line represents a buy market trend.
- The violet colored Gaussian Filter line represents a sell market trend.
The indicator allows customizing the following settings and parameters: calculation period, order, line style.
It is recommended to test the Gaussian Filter trading indicator on a practice account before using it on a real trading account.
Here are two valuable tips for those interested in utilizing this indicator for scalping purposes:
- Minimize trading costs by applying the Gaussian Filter indicator on currency pairs with lower spreads.
- Focus on trading during the most volatile trading hours, volatility often presents more frequent trading opportunities.
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The image below illustrates how the Gaussian Filter Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Gaussian Filter Indicator?
Find a simple trading strategy below:
- A buy signal is given when the green colored Gaussian line gets displayed on the chart.
- Execute a buy market order and set a stop loss below the most recent support level.
- Exit the buy trade for a risk to reward ratio of 1.5, or hold the position and wait for the violet colored line.
- A sell signal is given when the violet colored Gaussian line gets displayed on the chart.
- Execute a sell market order and set a stop loss above the most recent resistance level.
- Exit the sell trade for a risk to reward ratio of 1.5, or hold the position and wait for the green colored 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 gaussian_filter.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