The Momentum Ratio Oscillator Forex indicator for Metatrader 5 reveals market momentum and trend direction for any trading instrument.
The indicator can be used as a classic buy & sell technical tool.
How to identify market trends with the Momentum Ratio Oscillator indicator?
- A green indicator line shows a bull trend.
- An orange indicator line shows a bear trend.
The following indicator inputs and parameters can be modified: period (100), price, colors.
In order to scalp with this indicator, it’s recommended to use it in the London and New York trading session for better results.
Make yourself familiar with this technical indicator and test it first on a demo account.
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The following chart shows how the Momentum Ratio Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Momentum Ratio Oscillator Indicator?
Find a simple trading example below:
- The green Momentum Ratio Oscillator line is a buy signal.
- Initiate a buy trade and set your stop loss slightly below the most recent support area.
- Close the buy trade for a fixed profit target or hold the trade until the orange line gets displayed on the chart.
- The orange Momentum Ratio Oscillator line is a sell signal.
- Initiate a sell trade and set your stop loss slightly above the most recent resistance area.
- Close the sell trade for a fixed profit target or hold the trade until the green line gets displayed on the chart.
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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 ratio oscillator.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