The Moving Averages Bands Extended Forex indicator for Metatrader 5 pinpoints trade entries and exits based on 4 colored moving averages.
The 4 moving averages appear in the main chart window and they follow the overall trend.
The indicator is beginner friendly and can be used by any trader, regardless of trading experience.
How to interpret this indicator:
- A strong bullish trend occurs when the 4 moving averages are pointing upward.
- A strong bearish trend occurs when the 4 moving averages are pointing downward.
The following indicator inputs can be modified: slow period, fast period, bands multiplier, price.
For scalping on the lower time frames, you will achieve the best results with this 4 MA indicator during the London and U.S. trading sessions.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames, Forex pairs and any other trade instrument.
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The following chart shows how the Moving Averages Bands Extended indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Moving Averages Bands Extended Indicator?
Find a simple trading example below:
- The 4 MA’s should be pointing upward (strong bullish trend).
- Wait until price touches the brown lower moving average.
- Execute a buy trade and set your stop loss below the brown moving average.
- Exit the buy trade for a fixed take profit target, or wait for a sell signal.
- The 4 MA’s should be pointing downward (strong bearish trend).
- Wait until price touches the green upper moving average.
- Execute a sell trade and set your stop loss above the green moving average.
- Exit the sell trade for a fixed take profit target, or wait for a buy signal.
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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 Moving Average Bands – extended.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