The Mc Ginley Dynamic Average Signal indicator for Metatrader 5 delivers Forex signals for any currency pair and it’s based on dynamic averages.
The indicator appears on the chart as a red/green colored signal line.
How to spot buy and sell trends with the Mc Ginley Dynamic Average Signal indicator?
- The trend is upward when the green Mc Ginley dynamic average appears on the chart.
- The trend is downward when the red Mc Ginley dynamic average appears on the chart.
The indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be adjusted: period (14), calculation type, price.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Mc Ginley Dynamic Average Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Mc Ginley Dynamic Average Signal Forex Indicator?
Find a simple trading example below:
- A bullish signal is given when the green Mc Ginley signal line appears on the chart.
- Open a buy trade and set your stop loss below the most recent support zone.
- Close the buy trade near prior key resistance, or wait for a sell signal.
- A bearish signal is given when the red Mc Ginley signal line appears on the chart.
- Open a sell trade and set your stop loss above the most recent resistance zone.
- Close the sell trade near prior key support, or wait for a buy 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 McGinley dynamic average (official).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