The Hurst Bands indicator for Metatrader 5 follows the best trend and it can help traders to pinpoint trade entries and exits more accurately.
Hurst Bands appears in the price chart as a red colored line and shows you the trend for any trading instrument of your preference.
It can be combined with any trading system as a trend confirmation tool, or as a standalone trend indicator.
How to interpret the Hurst Bands indicator?
- An upward sloping red Hurst Bands line indicates an uptrending currency market.
- A downward sloping red Hurst Bands line indicates a downtrending currency market.
The indicator contains the following inputs and parameters: period, inner value, outer value, extreme value, show extreme lines, show outer lines, show inner lines.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Hurst Bands Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Hurst Bands Indicator?
Find a simple trading example below:
- A buy signal is given when the candle crosses the red line bottom-up.
- Execute a buy trade and set a stop loss below the previous swing low.
- Exit the buy trade for a fixed profit target or wait until the candle crosses back below the red line.
- A sell signal is given when the candle crosses the red line top-down (see chart above).
- Execute a sell trade and set a stop loss above the previous swing high.
- Exit the sell trade for a fixed profit target or wait until the candle crosses back above the red 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 Hurst_Bands.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