The Mama + Fama trading oscillator for Metatrader 5 is a powerful technical tool that delivers signals for any currency pair.
The indicator appears as blue and brown colored histogram bars in a bottom chart.
The trade logic goes as follows:
- A buy trend occurs when the oscillator bars are blue colored.
- A sell trend occurs when the oscillator bars are brown colored.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
The Mama + Fama signal oscillator works across all possible time frames and trading instruments supported by the MT5 trading platform.
Scalpers and day traders will achieve the best results during the London and New York trading hours when using the Mama + Fama oscillator.
Configurable parameters and input settings: fast limit, slow limit, price (median), style.
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The following chart shows how the Mama + Fama trading oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Mama + Fama Trading Indicator?
Find a simple trading example below:
- A buy signal arises when the histogram bars are blue colored above 0.
- Execute a buy trade and add a protective stop loss below the most recent swing low level.
- Exit the buy trade for a fixed take profit or wait for a sell signal (brown histogram bars below 0).
- A sell signal arises when the histogram bars are brown colored below 0.
- Execute a sell trade and add a protective stop loss above the most recent swing high level.
- Exit the sell trade for a fixed take profit or wait for a buy signal (blue histogram bars above 0).
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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 Mama + fama oscillator.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