The Waddah Attar Explosion indicator for Metatrader 5 delivers awesome buy and sell trading signals based on MACD, Bollinger Bands and proprietary digital filters.
Digital filters being used: explosion power, trend power and sensitivity.
It appears in a separate chart window as a series of consecutive green and magenta colored histogram bars.
How does it function?
- Green colored histogram bars indicate a bullish currency market.
- Magenta colored histogram bars suggest a bearish currency market.
The indicator contains the following variables and parameters: fast MACD period, slow MACD period, Bollinger period, deviation, sensitivity, explosion power, trend power, alerts.
Make yourself familiar with the Waddah Attar Explosion indicator and test it first on a demo account before applying it to a real trading account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The picture below shows how the Waddah Attar Explosion indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Waddah Attar Explosion Indicator?
Find a simple trading example below:
- The first green Waddah Attar Explosion bar represents a buy signal.
- Open a buy market order and place a stop loss just below the most recent swing low level.
- Exit and reverse the buy trade when the first magenta colored Waddah Attar Explosion bar gets shown on the chart.
- The first magenta Waddah Attar Explosion bar represents a sell signal.
- Open a sell market order and place a stop loss just above the most recent swing high level.
- Exit and reverse the buy trade when the first green colored Waddah Attar Explosion bar gets shown 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 waddah_attar_explosion.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