The Easy Trend Finder Metatrader 5 forex indicator is a two-color or two-mode trend indicator that resembles the moving averages indicator.
The indicator also allows users specify the number of calculated bars by increasing the value of the “calc and plot iMx bars” inputs variable.
More so, the indicator curves along with price as it tries to determine the market direction.
- The bull color or uptrend is denoted by the dark blue colored section of the MT5 indicator.
- The bear color or downtrend is represented by the light blue colored portion of the indicator line.
The indicator can be switched between a one-color scheme and a two-color scheme from the indicator’s MT4 inputs tab.
The indicator can be useful for scalping, day trading and swing trading.
Feel free to experiment with it!
The EUR/CHF H4 chart below displays the Easy Trend Finder Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Easy Trend Finder Metatrader 5 forex indicator turns dark blue.
Sell Signal: Go short when the descending line of the Easy Trend Finder Metatrader 5 forex indicator turns light blue.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Easy Trend Finder indicator turns light blue.
Exit sell trade: Close all sell orders if while a bearish trend is running, the line of the Easy Trend Finder indicator turns dark blue.
Tips: Trading the Easy Trend Finder indicator alone does not guarantee success but the indicator comes handy when effectively combined with technical tools like the MACD and the Relative Strength Index.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable [indicator period, color scheme, bull color (uptrend), bear color (downtrend), calc and plot iMx bars], 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 is7n_trend.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)