The Volume Weighted MA Forex indicator for Metatrader 5 is an advanced moving average that takes market volume into account.
It works in a similar fashion to the classic moving average.
The indicator shows up in the price chart as a green & magenta colored line.
How to interpret this indicator?
- A candle close above the Volume Weighted MA is bullish.
- A candle close below the Volume Weighted MA is bearish.
The following indicator inputs and parameters can be modified: period (20), price, volume to use.
The Volume Weighted MA indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
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 Volume Weighted MA indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Volume Weighted MA Indicator?
Find a simple trading example below:
- The appearance of the green colored Volume Weighted MA line is a buy signal.
- Open a buy trade and place your stop loss 3 pips below the most recent support zone.
- Close the buy trade for a reward to risk ratio of at least 1.5, or wait for a bearish reversal signal.
- The appearance of the magenta colored Volume Weighted MA is a sell signal.
- Open a sell trade and place your stop loss 3 pips above the most recent resistance zone.
- Close the sell trade for a reward to risk ratio of at least 1.5, or wait for a bullish reversal 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 Volume weighted MA.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