The AMA Wave Forex indicator for Metatrader 5 provides robust trading signals by combining the AMA indicator and a smart smoothing filter.
The indicator appears as a sea-green and pink colored signal wave in a dedicated chart window.
To engage in Forex trading using this indicator, follow these guidelines:
- A sea-green AMA wave generates a buy signal.
- A pink colored AMA wave generates a sell signal.
The indicator provides flexibility by allowing customization of various values and parameters, such as AMA period, fast MA period, slow MA period, smoothing, and colors.
Before implementing the AMA Wave indicator in live trading, it is advisable to gain confidence in its functionality by testing it extensively on a demo account.
Remember that like any other technical indicator, the AMA Wave does not guarantee absolute accuracy in predictions.
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Here is how the AMA Wave Forex indicator appears when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The AMA Wave Indicator?
Find a simple trading example below:
- The sea-green colored AMA Wave generates a buy signal.
- Open a buy trade and set a protective stop order below the most recent support region.
- Exit the buy trade for a favorable risk/reward ratio of at least 1.5.
- Alternatively, exit the buy position for a fixed take profit target that suits your preference.
- The pink colored AMA Wave generates a sell signal.
- Open a sell trade and set a protective stop order above the most recent resistance zone.
- Exit the sell trade for a favorable risk/reward ratio of at least 1.5.
- Alternatively, exit the sell position for a fixed take profit target that suits your preference.
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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 ticker_ama.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