The Directional Trading Signals Metatrader 5 Forex indicator is a technical tool that is based on the readings of five popular technical indicators i.e. ADX, DMI, CCI, MACD and Stochastic.
The use of the DMI, CCI, MACD and Stochastic indicators is to generate directional trading signals.
The value of the ADX indicator is deployed as a trend filter (not minding if a trend is present or not) and at the same time affects the remaining four indicators (DMI, CCI, MACD and Stochastic).
The indicator uses three color schemes to define market conditions:
- The blue signal represents bullish market conditions
- The red signal is indicative of a bearish market sentiments
- The dark gray signal shows a neutral market condition
Download the “Consensus_of_Five.ex5” MT5 indicator
The EUR/CAD H1 chart below displays the Directional Trading Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue signal of the Directional Trading Signals forex indicator gets on display within the indicator window.
Sell Signal: Go short when the red signal of the Directional Trading Signals forex indicator gets queued up within the indicator window.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the MT5 indicator puts on display a neutral or red signal.
Exit sell trade: Close all sell orders if while a bearish trend is running, the MT5 indicator puts on display a neutral or blue signal.
Tips: The Directional Trading Signals indicator has twenty one input parameters that are subject to modification and can obviously lead to a more personalized trading experience when using the indicator.
Download the “Consensus_of_Five.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Use ADX as trend filter=No, Use DMI=No, Use CCI, Use MACD=No, Use Stochastic=No, ADX period, ADX entry level, ADX exit level, DMI period, CCI period, CCI Buy level, CCI Sell level, MACD fast EMA period, MACD slow EMA period, MACD Buy level, MACD Sell level, Stochastic %K period, Stochastic %D period, Stochastic slowing, Stochastic overbought, Stochastic oversold), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | filter
Copy and paste the Consensus_of_Five.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)