The Slope Direction Forex Signal Line indicator for Metatrader 5 attempts to deliver profitable trading signals based on slope direction.
The indicator consists of a colored signal line that changes its color every time the trend changes in the opposite direction.
Overall, the slope direction indicator is a reliable trading tool that never repaints the signal line.
How to trade with it?
- The green colored Slope Direction line signals an uptrend.
- The red colored Slope Direction line signals a downtrend.
The following indicator inputs and parameters can be modified: period, method, applied price.
Scalpers and intraday traders can use it as a standalone buy/sell trading tool during the London and New York trading sessions.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It works for any currency pair (majors, minors, exotics) and time frame.
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The following chart shows how the Slope Direction Forex Signal Line indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Slope Direction Forex Signal Line Indicator?
Find a simple trading example below:
- The appearance of the green slope line is a buy signal.
- Open a buy order and place a stop loss slightly below the previous swing low level.
- Take profit when the slope line reverts back to red color.
- The appearance of the red slope line is a sell signal.
- Open a sell order and place a stop loss slightly above the previous swing high level.
- Take profit when the slope line reverts back to green color.
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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 Slope_Direction_Line.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