The McGinley Dynamic Moving Average indicator for Metatrader 5 follows the best Forex trend at any give moment and it provides buy & sell signals.
The moving average shows up in the price chart as a green colored line.
How does it work?
- Price action above the dynamic moving average is considered bullish.
- Price action below the dynamic moving average is considered bearish.
The following indicator inputs and parameters can be modified: smoothing parameter (60%), color, line style.
The MCGinley dynamic moving average works for any trading instrument that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a real trading account.
It supports all time frames and Forex pairs.
Download Indicator 🆓
The following chart shows how the McGinley Dynamic Moving Average indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The McGinley Dynamic Moving Average Indicator?
Find a simple trading example below:
- A buy signal is given when the candle has closed above the dynamic moving average.
- Initiate a long transaction and add a stop loss below technical support.
- Reverse the buy position when the candle crosses back below the MA.
- You can also exit the buy trade for a fixed profit target of your preference.
- A sell signal is given when the candle has closed below the dynamic moving average.
- Initiate a short transaction and add a stop loss above technical resistance.
- Reverse the sell position when the candle crosses back above the MA.
- You can also exit the sell trade for a fixed profit target of your preference.
Download Now 🆓
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.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