The Metatrader 5 Slope Direction Line Signal indicator generates trading signals based on the upward or downward slope of a moving average.
It provides buy and sell trade opportunities through a signal line displayed in two distinct colors.
To explain the trade logic simply:
- A blue slope direction line indicates a buy trade opportunity.
- A red slope direction line indicates a sell trade opportunity.
You can customize the indicator according to your preferences by adjusting the following inputs and parameters: period, method, applied price, shift, alert, mail, and sound.
It is recommended to become familiar with this technical indicator and thoroughly test it on a demo account.
Consider the following tips for scalpers and day trading using the M1 and M5 trading charts:
- To minimize trading expenses, it is advisable to employ the Slope Direction Line indicator on currency pairs that have narrower spreads.
- The London and New York trading sessions offer more frequent trading opportunities to short-term traders.
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The following image shows how the Slope Direction Line Signal indicator looks like when applied to the MT5 charting platform.
How To Buy And Sell Pairs Utilizing The Slope Direction Line Signal Indicator?
Find a simple trading example below:
- A buy signal is given when the blue colored slope direction signal line appears on the chart.
- Execute a buy trade and set a stop loss order below the most recent support level.
- Close the buy trade when the red colored signal line gets displayed on the chart.
- Alternatively, you can choose to close your buy position and secure potential profits at a predetermined target.
- A sell signal is given when the red colored slope direction signal line appears on the chart.
- Execute a sell trade and place a stop loss order above the most recent resistance region.
- Close the sell trade when the blue colored signal line gets displayed on the chart.
- Alternatively, you can choose to close your sell position and secure potential profits at a predetermined target.
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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 slopedirectionline.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