The TRIX Indicator oscillator with Support & Resistance for Metatrader 5 shows overbought & overbought TRIX market levels along with S & R levels.
TRIX stands for triple exponential average.
The main chart shows the support and resistance levels based on the TRIX indicator overbought/oversold market levels found in the bottom chart.
How to identify overbought & oversold market levels with the TRIX indicator?
- A blue colored TRIX line is considered overbought.
- An orange colored TRIX line is considered oversold.
The TRIX indicator delivers the best results when combined with a trend indicator (moving averages, Bollinger Bands, etc.)
The indicator contains the following inputs and parameters: period, price, colors, line style and width.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the TRIX Indicator with Support & Resistance looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The TRIX Indicator with Support & Resistance?
Find a simple trading example below:
- A buy signal occurs when the orange colored TRIX signal line shows up in the bottom chart and the overall market trend is upward.
- Open a long trade and place your stop loss below the previous swing low.
- Close the buy trade as soon as the blue colored overbought TRIX line gets printed on the chart.
- A sell signal occurs when the blue colored TRIX signal line shows up in the bottom chart and the overall market trend is downward.
- Open a short trade and place your stop loss above the previous swing high.
- Close the sell trade as soon as the orange colored oversold TRIX line gets printed 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 (sr).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