The Trend Follower FX Signal indicator for Metatrader 5 analyzes price action and transforms the accumulated data into precise buy and sell trading signals.
The indicator gets displayed in a bottom chart window as an histogram consisting of blue and red colored bars.
Understanding the Trend Follower indicator:
- A blue colored bar indicates bullish pressure.
- A red colored bar indicates bearish pressure.
The following indicator inputs and parameters can be modified: look back period, average period, average method, average price, count mode, histogram type.
Tip for both scalpers and day traders: deploy the indicator on the lower spread currency pair for best performance.
It works for Forex, Stocks, Indices, Gold, Bitcoin, etc.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Trend Follower indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trend Follower FX Signal indicator?
Find a simple trading example below:
- The first blue colored trend bar in the array is your buy entry signal.
- Open a buy trade and set a protective stop loss below technical support.
- Exit the buy trade for a fixed take profit of your preference, or wait for a sell reversal signal.
- The first red colored trend bar in the array is your sell entry signal.
- Open a sell trade and set a protective stop loss above technical resistance.
- Exit the sell trade for a fixed take profit of your preference, or wait for a buy reversal 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 Average penetration histogram.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