Smoother momentum is also known as velocity, obviously, it does portray much smoother results devoid of lag that will correspond with the smoothness.
This is a rational process to have velocity as a “corrected” version as well, in a bid to have both momentum and velocity in use.
For traders who are searching for more speed within the Corrected velocity Metatrader 5 forex indicator, the pick should possibly be momentum.
Traders who are in turn searching for filtered out values, velocity should possibly be the pick.
Howbeit, having both versions available, the selection is obviously easy (and likely).
If the period of the ‘correction’ is set to < 0, it implies that the computed value equals velocity.
Download the “Corr_velocity.ex5” MT5 indicator
The USD/CHF M30 chart below displays the Corrected Velocity Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the thicker un-dotted line of the Corr_velocity Metatrader 5 custom Forex indicator breaks above the zero level.
Sell Signal: Go short when the thicker un-dotted line of the Corr_velocity Metatrader 5 Fore indicator dips below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the thicker un-dotted line of Corr_velocity MT5 indicator turns orange.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the thicker unnoted line of the Corr_velocity MT5 indicator turns lime green.
Tips: The Corr_velocity MT5 indicator is certainly a versatile trading tools that a lot of short-term traders, as well as long term investors will find suitable.
Download the “Corr_velocity.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [Velocity period, Correction period (<0 no correction =0 same as velocity period), Price, Color change on:, Levels period, Upper level %, Lower level %, Turn alerts on?, Alert on current bar?, Display messages on alerts?, Play sound on alerts?, Send email on alerts?, Send push notification on alerts?], 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 Corr_velocity.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)