The Momentum indicator for Metatrader 5 gauges market momentum and helps traders find potential trend reversals that frequently occur in the currency market.
The momentum indicator is displayed as a blue colored line.
For optimal results, it is advisable to use the indicator in agreement with the overall currency trend.
You have the flexibility to adjust various inputs and parameters, including the momentum period, and line color.
The indicator is compatible with any trading instrument supported by the MT5 charting platform.
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Chart Example
The picture below illustrates how the Momentum indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Momentum Indicator?
Find a simple trading strategy below:
Buy Signal
- Market condition for buying: the currency pair should show a clear uptrend.
- Open a buy trade as soon as market momentum starts rising again from previous lows.
- Exit the buy trade for a risk to reward ratio of 1.5 or higher.
Sell Signal
- Market condition for selling: the currency pair should show a clear downtrend.
- Open a sell trade as soon as market momentum starts declining again from previous highs.
- Exit the sell trade for a risk to reward ratio of 1.5 or higher.
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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 momentum.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