The REX Forex Signals indicator for Metatrader 5 deliver solid buy and sell signals based on the 14 simple moving average and the Donchian channel.
The indicator appears in a separate trading chart as a colored Donchian channel and the 14 SMA signal line.
How to spot bullish and bearish trends with it?
- The trend is considered bullish as soon as the 14 SMA line touches the brown upper Donchian channel cloud.
- The trend is considered bearish as soon as the 14 SMA line touches the green lower Donchian channel cloud.
This indicator works the best for scalpers and day traders.
The following indicator inputs can be modified: rex period, rex method, signal period, signal method, Donchian channel period.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the REX Forex Signals indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The REX Forex Signals Indicator?
Find a simple trading example below:
- A buy signal occurs when the 14 SMA line touches the brown upper Donchian channel cloud.
- Open a buy trade and place your stop 3 pips below the previous swing low price.
- Close the buy trade for a fixed take profit target of your preference or wait for a sell signal.
- A sell signal occurs when the 14 SMA line touches the green lower Donchian channel cloud.
- Open a sell trade and place your stop 3 pips above the previous swing high price.
- Close the sell trade for a fixed take profit target of your preference 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 Rex (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