The T3 Velocity Tape Signal Forex indicator for Metatrader 5 is based on the T3 trading method and it can be used for trade entry and exit.
The indicator draws a colored two lines trading signal histogram in a separate chart window.
How to interpret this trend-following indicator?
- A blue colored histogram represents a bullish trend.
- A brown colored histogram represents a bearish trend.
The following indicator inputs and parameters can be modified: T3 velocity calculation period, T3 hot value, use the Tilson calculation, price to use, colors.
The T3 Velocity Tape Signal indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
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 chart shows how the T3 Velocity Tape Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The T3 Velocity Tape Signal Forex Indicator?
Find a simple trading example below:
- A buy signal occurs when the blue colored T3 histogram is displayed on the chart.
- Open a buy trade and place your stop loss 3 pips below the most recent support zone.
- Close the buy trade for a reward to risk ratio of at least 1.5, or wait for the brown colored T3 histogram.
- A sell signal occurs when the brown colored T3 histogram is displayed on the chart.
- Open a sell trade and place your stop loss 3 pips above the most recent resistance zone.
- Close the sell trade for a reward to risk ratio of at least 1.5, or wait for the blue colored T3 histogram.
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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 T3 velocity tape.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