The Trend Manager Forex indicator designed for Metatrader 5 offers reliable trend trading signals to currency traders with the help of a smart trading strategy.
The indicator presents a three-color line that alternates between a buy signal and sell signal.
How to trade with the Trend Manager indicator?
- A light-blue colored line generates a buy signal.
- A violet colored line generates a sell signal.
- A medium-blue colored line is neutral.
The indicator works equally well for newbies and seasoned traders alike.
The indicator contains the following inputs and parameters: TM period 1, TM shift 1, TM period 2, TM shift 2, horizontal shift, colors.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
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The following chart shows how the Trend Manager indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Trend Manager Indicator?
Find a simple trading strategy below:
- A bullish signal is given when the light-blue Trend Manager line gets displayed in the chart.
- Open a buy market order and place your stop loss below the most recent support level.
- Exit the buy trade for a fixed pip profit target, or ride the uptrend and wait for a sell signal.
- A bearish signal is given when the violet Trend Manager line gets displayed in the chart.
- Open a sell market order and place your stop loss above the most recent resistance level.
- Exit the sell trade for a fixed pip profit target, or ride the downtrend and 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 trendmanageropen.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