The Trend Magic HTF indicator for Metatrader 5 is very popular trend indicator that delivers newbie friendly buy and sell signals for any Forex pair.
It’s composed of the Commodity Channel Index and the Average True Range technical indicators.
The indicator enables you to perform analysis on longer time frames using shorter-term trading charts (HFT function).
For example, you can show signals derived from 1-hour charts on a 5-minute chart.
Understanding the Trend Magic HTF technical indicator:
- A green colored indicator line generates a buy trade.
- A purple colored indicator line generates a sell trade.
The indicator contains the following inputs and parameters: indicator chart period, CCI period, CCI price, ATR period, horizontal shift, vertical shift.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
Tip: you can combine the Trend Magic HTF indicator with other technical analysis tools and various techniques to increase the probability of successful Forex trades.
It supports all time frames, Forex pairs and other trade instruments supported by the MT5 charting platform.
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The following chart shows how the Trend Magic HTF indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trend Magic HTF Forex Indicator?
Find a simple trading strategy below:
- A buy signal is given when the green colored Trend Magic HTF line gets displayed in the chart.
- Initiate a buy transaction and place a protective stop below the green Trend Magic HTF line.
- Exit the buy trade for a fixed pip profit target (for instance, +25 pips on the 5-minute chart).
- Optional: hold the buy trade and reverse the position when a sell signal gets displayed on the chart.
- A sell signal is given when the purple colored Trend Magic HTF line gets displayed in the chart.
- Initiate a sell transaction and place a protective stop above the purple Trend Magic HTF line.
- Exit the sell trade for a fixed pip profit target (for instance, +75 pips on the 4-hour chart).
- Optional: hold the sell trade and reverse the position when a buy signal gets displayed on the chart.
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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 trendmagic_htf.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