The Center of Gravity Extended Metatrader 5 forex indicator is an extended version of the default Center of Gravity indicator, hence its name.
This version adopts a correction in its calculation that allows the use of a significant price level.
As a result of this modification, 3 color schemes are added within the inputs parameter:
- Change color on signal / trigger line cross (the default)
- Change color on zero line cross
- Change color on slope change
Depending on your trading preference (via tweaking of the color change method), the use of the color change as an alert trigger can be adopted.
The GBP/USD H1 chart below displays the Center of Gravity Extended Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the fairly ascending line of the Center of Gravity Extended Metatrader 5 forex indicator turns medium sea green.
Sell Signal: Go short when the somewhat descending line of the Center of Gravity Extended Metatrader 5 forex indicator turns orange red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the indicator line reverts to orange red.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the indicator line changes to medium sea green.
Tips: For better performance, combine with other technical indicators or with price action.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Price, Color change method), 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 Center of Gravity – extended.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)