The 8 Moving Averages Signal Metatrader 5 custom forex indicator shows a set of eight moving averages on the chart window represented in different colors.
The periods of the displayed moving averages are 10, 20, 30, 40, 50, 60, 70 and 80.
The calculated method for each of these periods aforementioned is a Simple Moving Average, which means we have a 10 SMA, 20, SMA, 30 SMA, 40 SMA, 50 SMA, 60 SMA, 70 SMA and 80 SMA.
Seemingly, the three adjustable parameters on the 8 Moving Averages Signal MT5 forex indicator are:
- Calculated method MA – defines the calculation method used for each MA being displayed
- Calculated price MA – defines the calculation price used for each MA being displayed
- Periods of all MA – defines the separate periods for each MA. Set as a text parameter with the comma “,” separator
The EUR/CHF H1 chart below displays the 8 Moving Averages Signal Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price closes above the tomato colored (MA8) 8 Moving Averages Signal Metatrader 5 forex indicator. The candlesticks are seen to be trading above the lines of the fx indicator during bullish market sentiments.
Sell Signal: Go short when price closes below the tomato colored (MA8) 8 Moving Averages Signal Metatrader 5 forex indicator. The candles basically trade below the lines of the fx indicator during bearish market sentiments.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red line (MA2) intersects the blue line (MA1) top downward.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the red line (MA2) intersects the blue line (MA1) bottom up.
Tips: The 8 Moving Averages Signal Metatrader 5 forex indicator is a good trend tool that allows short-term and medium term traders increased odds of catching profits more precisely.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Calculated method MA, Calculated price MA, Periods of all MA), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Set_Of_Averages.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)