The Momentum Pinball Forex strategy for Metatrader 5 combines the 50 SMA and the momentum pinball indicator to generate profitable trading signals.
Traders can accurately execute buy and sell trades in trending markets.
To determine the currency trend using the 50 SMA indicator:
- The trend is considered bullish when the candlesticks trade above the 50 simple moving average.
- The trend is considered bearish when the candlesticks trade below the 50 simple moving average.
It is important to note that the 50 SMA indicator is a default MT5 indicator.
Executing buy and sell trades:
The momentum pinball indicator is employed to pinpoint the precise entry price for trades.
Scalpers and intraday traders should implement the Momentum Pinball Forex strategy during the London and New York trading hours.
Before applying this trading strategy with real funds, it is advisable to familiarize yourself with it and conduct extensive testing on a practice account.
The strategy is compatible with all time frames and trading instruments supported by the MT5 trading platform.
It offers configurable parameters and input settings such as momentum period, momentum average, upper zone limit, and lower zone limit.
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The following chart shows how the Momentum Pinball Forex strategy looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Momentum Pinball Trading Strategy?
Find a simple trading example below:
- The candles should be trading above the 50 SMA (bullish trend).
- A buy signal is given when the momentum pinball indicator shows the green colored signal line in the chart.
- Open a buy trade and set a stop order below the previous swing low.
- Exit the buy trade for a risk to reward ratio of at least 2.0, or higher.
- The candles should be trading below the 50 SMA (bearish trend).
- A sell signal is given when the momentum pinball indicator shows the red colored signal line in the chart.
- Open a sell trade and set a stop order above the previous swing high.
- Exit the sell trade for a risk to reward ratio of at least 2.0, 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_pinball.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