The Smoother Momentum Stops Forex indicator for Metatrader 5 uses momentum and averages to deliver beginner friendly trading signals.
The indicator gets displayed in the price chart as a gray and red colored signal line.
The indicator works for scalpers, day traders and swing traders alike.
Understanding the Smoother Momentum Stops indicator:
- The gray colored signal line represents a bullish market trend.
- The red colored signal line represents a bearish market trend.
The following indicator inputs and parameters can be fully adjusted: momentum period, average period, average method, price, stops distance.
Tip for scalpers and day traders: Utilize this indicator during the most volatile trading hours for best trading results.
Make yourself familiar with this technical indicator and test it first on a demo account before running it in a live trading environment.
It supports all time frames and Forex pairs.
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The following chart shows how the Smoother Momentum Stops indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Smoother Momentum Stops Indicator?
Find a simple trading example below:
- A buy signal is formed after the gray colored line has showed up in the chart.
- Open a buy trade and place a stop order below the previous swing low region.
- Close the buy trade for a fixed profit target or hold the trade until the red colored line pops up on the chart.
- A sell signal is formed after the red colored line has showed up in the chart.
- Open a sell trade and place a stop order above the previous swing high region.
- Close the sell trade for a fixed profit target or hold the trade until the gray colored line pops up on the chart.
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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 Smoother momentum stops.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