The MAMA Exponential Moving Average Metatrader 5 forex indicator is a set of moving average lines wrapped around price bars.
The indicator is fundamentally based on the exponential moving average algorithm and deployed to a currency pair’s current volatility.
The two lines of the MAMA forex indicator are essentially two averages – the fast MAMA (lime line) and slow FAMA (red line).
Market entries and exits are determined by the crossover of these averages.
Free Download
Download the “mama.ex5” MT5 indicator
Example Chart
The EUR/CAD H4 chart below displays the MAMA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the red line of the MAMA forex indicator intersects the lime line in a bottom up manner (with price aligned slightly above the lines).
Sell Signal: Go short when the red line of the MAMA forex indicator intersects the lime line in a top downward fashion (with price aligned slightly below the lines).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines of the MAMA trading indicator crosses in the opposite direction.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lines of the MAMA trading indicator crosses in the opposite direction.
Tips: The MAMA forex indicator works best in non-choppy markets and can serve scalpers, as well as intraday traders alike.
Download
Download the “mama.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend
Installation
Copy and paste the mama.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)