The Guppy Double Smoothed Forex trend indicator for MT5 uses double smoothing and works in a similar fashion to the classic Guppy indicator.
Similar to the classic version, the Guppy Double Smoothed indicator is comprised of two sets of moving averages:
One set consists of short-term exponential moving averages (EMAs), and the other set consists of long-term EMAs.
To trade Forex using the Guppy indicator, you can follow these guidelines:
- Buy Trend: A buy trend occurs when the short-term smoothed EMAs cross above the long-term smoothed EMAs.
- Sell Trend: A sell trend occurs when the short-term smoothed EMAs cross below the long-term smoothed EMAs.
The following indicator inputs and variables can be modified: price to use (close), starting color for MAs, ending color for MAs.
Before implementing the Guppy Double Smoothed indicator in real trading, familiarize yourself with its workings and conduct thorough testing on a demo account.
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The picture below shows how the Guppy Double Smoothed Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Guppy Double Smoothed Trend Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the green colored Guppy Double Smoothed MAs cross the red colored Guppy Double Smoothed MAs bottom up.
- Execute a buy market order and place your stop order below the most recent swing low point.
- Exit the buy position for a minimal risk to reward ratio of 1.5, or wait for a bearish trend reversal signal.
- A sell signal is confirmed when the green colored Guppy Double Smoothed MAs cross the red colored Guppy Double Smoothed MAs top down.
- Execute a sell market order and place your stop order above the most recent swing high point.
- Exit the sell position for a minimal risk to reward ratio of 1.5, or wait for a bullish trend reversal signal.
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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 guppy_mma_of_double_smoothed_ema.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