The Momentum Candle Keltner indicator for Metatrader 5 draws a buy/sell cloud on the chart that can help identifying winning short-term trade opportunities.
The indicator appears in a separate chart window, showing a cloud alongside a series of bullish and bearish candlesticks.
How to trade Forex with the Momentum Candle Keltner indicator?
- Candlesticks above the cloud generate a buy trend.
- Candlesticks below the cloud generate a sell trend.
The following indicator inputs and parameters can be modified: momentum period, keltner period, style.
The indicator works for any trading instrument supported by the MT5 charting platform.
Forex scalpers and day traders tip:
For optimal results, the Momentum Candle Keltner indicator performs the best when applied during the London and New York trading hours.
Make yourself familiar with this technical tool and test it first on a practice account until you fully understand how it works.
Download Indicator 🆓
The following chart shows how the Momentum Candle Keltner indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Momentum Candle Keltner Indicator?
Find a simple trading strategy below:
- The candle crosses the Momentum Keltner cloud botttom up and the market should be in an upward trend.
- Initiate a buy market order and place a protective stop loss below short-term support.
- Exit the buy trade for 10-30 pips profit potential or wait for a sell reversal signal.
- The candle crosses the Momentum Keltner cloud top down and the market should be in a downward trend.
- Initiate a sell market order and place a protective stop loss above short-term resistance.
- Exit the sell trade for 10-30 pips profit potential or wait for a buy reversal signal.
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 MomentumCandleKeltner.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
- To access the indicator list, simply open the dropdown menu and select it
- Click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration