The core idea behind the EMA Momentum Metatrader 5 forex indicator is to calculate the momentum of five averages and pool them into a single synthetic momentum.
It uses the EMA (Exponential Moving Average) for its synthetic momentum calculation.
It performs this action to avoid fixed levels that would require adjustments on each and every symbol/instrument, and every time frame, and each and every period combination.
The EMA Momentum MT5 forex indicator uses discontinued signal lines for its levels.
While such levels are self-adjusting, they do not rely on any of the aforementioned.
The EUR/CAD H4 chart below displays the EMA Momentum Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the EMA Momentum Metatrader 5 forex indicator breaks above the zero center line.
Sell Signal: Go short when the line of the EMA Momentum Metatrader 5 forex indicator breaks below the zero center line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the forex indicator breaks below the zero signal line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the forex indicator surges above the zero signal line.
Tips: The MT5 indicator works for scalping, day trading and swing trading purposes.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period 1, Period 2, Period 3, Period 4, Period 5, Period 5, Signal period, Price), 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 DSL synthetic ema momentum.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)