The Speedometer Forex indicator developed for Metatrader 5 shows the speed of price ticks, the distance covered by the price, and the time taken in milliseconds.
All informational data appears in the right corner of the chart by default.
The indicator sends out alerts whenever the speed exceeds the threshold value (indicator inputs).
You can modify the following parameters and indicator settings: colors, background color, font size corner position, and more.
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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speedometer.mq5 Indicator (MT5)
Chart Example EURUSD M15
The following image shows what the Speedometer indicator looks like when applied to the MT5 chart.
MT5 Trading Strategy Using Speedometer Indicator and Vibrix Forex Indicator
Overview
This strategy combines the market momentum analysis of the Speedometer Indicator with trend strength signals from the Vibrix Forex Indicator.
It is ideal for identifying high-momentum trend entries and avoiding sideways or indecisive market conditions.
Timeframe
Best suited for intraday and swing trading on M15, M30, and H1 charts.
Indicators Used
- Speedometer Indicator – measures real-time price momentum and market speed.
- Vibrix Forex Indicator – identifies trend direction and potential entry signals with high accuracy.
Buy Entry Rules
- The Vibrix Indicator signals a bullish trend or buy condition (e.g., green signal or line).
- The Speedometer shows increasing bullish momentum (speed rising above average levels).
- Enter a buy trade once both indicators confirm upward strength.
- Set a stop-loss below the recent swing low.
- Use a fixed take-profit target or trail the stop based on the Vibrix signal line or momentum weakening.
Sell Entry Rules
- The Vibrix Indicator signals a bearish trend or sell condition (e.g., red signal or line).
- The Speedometer confirms increasing bearish momentum.
- Enter a sell trade after both indicators align in the bearish direction.
- Set a stop-loss above the recent swing high.
- Target the next support zone or use a trailing stop-loss based on momentum reduction.
Tips for Best Results
- Avoid trading when the Speedometer shows low activity or flat momentum readings.
- Combine with price action (e.g., breakouts or pullbacks) to fine-tune entries.
- Use the Vibrix trend line as dynamic support/resistance for trailing stop-loss decisions.
Conclusion
This dual-indicator strategy is excellent for trading strong trends with confirmation from both direction and momentum.
The Vibrix Forex Indicator keeps you in line with the market direction, while the Speedometer Indicator ensures that you’re only entering trades with sufficient price velocity to support follow-through.
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speedometer.mq5 Indicator (MT5)
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 speedometer.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!
