The Bogie Metatrader 5 custom indicator is used to forecast a possible reversal in price for any currency pair and timeframe.
If the crimson line of the Bogie MT5 custom indicator makes a reversal after heading in a particular direction, a reversal is suggested, as such price direction is billed to alter pretty soon.
There are three important input variables that are found on the Bogie Metatrader 5 indicator:
Fast MA period – defines the fast moving average period
Slow MA period – defines the slow moving average period
Applied price – defines the price used for calculation
The Bogie Metatrader 5 indicator is an oscillator and this is evident in its ability to fluctuate around the zero center line.
If the Bogie MT5 indicator breaks above or below the zero line during a current trend, price is said to be making a reversal.
If for instance, the market has been in a protracted bearish trend and suddenly the crimson line of the Bogie Metatrader 5 custom indicator break either above or below the zero center line, it is an indication of an imminent reversal.
It is at this point that you’ll be required to exit all running short positions and wait for a confirmation to go bullish.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast MA period, Slow MA period, Applied price), 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 Bogie.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)