The EMA Crossover Signal Metatrader 5 forex indicator is the simplest semaphore signal indicator that is dependent on varying moving averages period.
The indicator does perform very well on a trending market and less in a flat market.
Therefore, use together with a trend-following forex indicator with longer period, for example, a 200 exponential moving average would fit.
The EMA Crossover Signal MT5 forex indicator is designed based on the crossover of the Linear Weighted Fast and Slow Moving Averages, with a default period of 5 and 6 respectively.
Increasing the value of the periods of both the FasterMA and SlowerMA will yield reduced signals, thereby minimizing the risk of more false signals.
The USD/CHF M30 chart below displays the ema-crossover_signal Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue cube shaped ema-crossover_signal Metatrader 5 custom forex indicator gets aligned below the candlesticks.
Sell Signal: Go short when the magenta cube shaped ema-crossover_signal Metatrader 5 custom indicator gets aligned above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the magenta cube shaped ema-crossover_signal MT5 fx custom indicator pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue cube shaped ema-crossover_signal MT5 fx custom indicator pops up on the price chart.
Tips: The ema-crossover_signal Metatrader 5 forex indicator is an effective tool, but should be used in conjunction with other technical analysis tools i.e. candlestick pattern, momentum and volume indicators.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (FasterMA, SlowerMA, MAType, MAPrice), 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 ema-crossover_signal.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)