The Trend Detection Index indicator for Metatrader 5 provides solid intraday trading signals for any currency pair of your preference.
For day trading style, deploy the indicator on the M5 and M15 trading charts during the London and New York trading session.
The indicator appears in a bottom chart as blue and red colored trend clouds.
How does the Trend Detection Index indicator work?
- A blue colored cloud indicates a bullish market trend.
- A brown colored cloud indicates a bearish market trend.
The indicator contains the following inputs and parameters: period (50), pre-smoothing period, pre-smoothing method, price
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Trend Detection Index Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Trend Detection Index Day Trader Indicator?
Find a simple trading example below:
- A buy signal occurs when the blue colored cloud pops up on the chart.
- Open a buy transaction and place your stop loss slightly below support.
- Close the buy trade for 10- 30 pips profit per transaction, or wait for a sell signal.
- A sell signal occurs when the orange colored cloud pops up on the chart.
- Open a sell transaction and place your stop loss slightly above resistance.
- Close the sell trade for 10- 30 pips profit per transaction, or wait for a buy signal.
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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 Trend detection index (of averages).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