The TRIX Candles With Keltner Channel indicator for Metatrader 5 combines TRIX with the Ketler channel indicator for better trend prediction.
The indicator should work well in both trending and sideways moving markets.
How to interpret this technical indicator?
- A green colored TRIX signal line represents a bull trend.
- A red colored TRIX signal line represents a bear trend.
- The Keltner channel is used for additional trend confirmation.
The following indicator inputs and parameters can be modified: TRIX period, channel period, channels multiplier.
Tip for 1-minute and 5-minute chart traders: the TRIX indicator delivers the best results in the London and New York trading sessions.
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 TRIX Candles With Keltner Channel Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The TRIX Candles With Keltner Channel Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored TRIX line crosses the upper Keltner channel line upward.
- Initiate a long trade and set a stop loss below support.
- Close the buy trade for a fixed profit target or reverse the position when a valid sell signal occurs on the chart.
- A sell signal is given when the red colored TRIX line crosses the lower Keltner channel line downward.
- Initiate a short trade and set a stop loss above resistance.
- Exit the short trade for a fixed profit target or reverse the position when a valid buy signal occurs 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 TRIX candles with Keltner channel.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