Trigger Lines for Metatrader 5 is a valuable crossover based technical indicator that works for both trade entry signals and trade exit signals.
The indicator consists of two colored lines that cross each other when the overall trend turns in the opposite direction.
Understanding the indicator:
- The 2 green colored trigger lines represent a buy trend.
- The 2 red colored trigger lines represent a sell trend.
The following indicator inputs and parameters can be modified: period, smoothing, applied price.
Tip: For M1 and M5 chart traders, deploy the Trigger Lines indicator on the low spread currency pairs during the London and American trading sessions.
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 Trigger Lines Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trigger Lines Indicator?
Find a simple trading example below:
- The appearance of the 2 green colored trigger lines provides a buy signal.
- Open a long trade and set a protective stop loss below support.
- Exit the buy trade for a fixed take profit target or reverse the trade when a sell signal shows up in the chart.
- The appearance of the 2 red colored trigger lines provides a sell signal.
- Open a short trade and set a protective stop loss above resistance.
- Exit the sell trade for a fixed take profit target or reverse the trade when a buy signal appears 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 Triggerlines.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