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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The following image shows how the Speedometer indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Speedometer Indicator?
While the Speedometer Forex indicator does not provide specific buy or sell signals on its own, it can be effectively utilized alongside other technical analysis tools.
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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 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!
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