The awesome Fractal Trend Line indicator is designed for Metatrader 5 and draws the best possible Fractal price breakout trend lines on the chart.
The indicator identifies the best trend lines for any time frame and trading instrument of your preference.
The teal colored trend line is resistance while the magenta colored trend line support.
How does it work?
- .A price breakout above the teal colored trend line creates a buy signal.
- A price breakout below the magenta colored trend line creates a sell signal.
The following indicator inputs and variables can be modified: trend color of the upper fractals line, trend color of the lower fractals line, horizontal shift.
Familiarize yourself with this trend line generating tool and conduct thorough testing on a demo account before trading live with it.
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The picture below illustrates how the awesome Fractal Trend Line indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fractal Trend Line indicator?
Find a simple trading example below:
- A buy signal is confirmed when the candlestick closes above the teal colored Fractal trend line from below.
- Open a buy trade and place a stop loss 3 pips below the most recent swing low price.
- Exit the buy trade for a fixed pips profit target, for example, +25 pips on the M5 trading chart.
- A sell signal is created when the candlestick closes below the magenta colored Fractal trend line from above (see chart example above).
- Open a sell trade and place a stop loss 3 pips above the most recent swing high price.
- Exit the sell trade for a fixed pips profit target, for example, +40 pips on the H1 trading 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 extrendv2.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