The OsMA Candle Keltner indicator for Metatrader 5 constructs a trend cloud that delivers solid buy and sell signals to Forex traders.
The indicator appears in a separate chart window, showing a cloud alongside a series of bullish and bearish candlesticks.
How to trade with this indicator?
- A bullish trend occurs when the candle crosses the cloud bottom up.
- A bearish trend occurs when the candle crosses the cloud top down.
The following indicator inputs and parameters can be modified: fast period, slow period, signal period.
The indicator works for any trading instrument supported by the MT5 charting platform.
Tip for 1-minute and 5-minute chart traders:
The OsMA Candle Keltner indicator will perform the best when used during the London and New York trading hours.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a live trading account.
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The following chart shows how the OsMA Candle Keltner indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The OsMA Candle Keltner Indicator?
Find a simple trading strategy below:
- The market should be showing a clear upward trend.
- Initiate a buy transaction when the candle crosses above the cloud from below.
- Place your stop loss below swing trading support.
- Exit the buy trade for a risk to reward ratio of at least 1.
- The market should be showing a clear downward trend.
- Initiate a sell transaction when the candle crosses below the cloud from above.
- Place your stop loss above swing trading resistance.
- Exit the sell trade for a risk to reward ratio of at least 1.
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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 OsMACandleKeltner.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