The Prevailing Forex Trend indicator for Metatrader 5 is trend-following in nature and forecasts currency pair movements.
The indicator appears in a separate chart window as two colored lines that cross each other whenever the bull or bear trend turns in the opposite direction.
Understanding the indicator:
- A bullish trend occurs when the green line crosses back above the red line.
- A bearish trend occurs when the red line crosses back above the green line.
The following indicator inputs can be modified: period (14), method (simple), colors.
For M1 and M5 chart traders: the London and New York trading sessions will deliver the best trading results.
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 Prevailing Forex Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The Prevailing Forex Trend Indicator?
Find a simple trading example below:
- A buy signal arises when the green line crosses the red line bottom up (see chart above).
- Open a buy trade and place your stop loss 2-3 pips below support.
- Exit the buy trade for a fixed profit target of your preference, or wait for a bearish trend reversal signal.
- A sell signal arises when the red line crosses the green line bottom up.
- Open a sell trade and place your stop loss 2-3 pips above resistance.
- Exit the sell trade for a fixed profit target of your preference, or wait for a bullish trend reversal 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 Prevailing_Trend.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