When trading currencies online, we usually would adopt technical analysis as a means to define market trends, although most of all these are based on filtering.
A process where the “insignificant”, “false positives” and so on are being eliminated.
The entire market trend becomes clearer once filtering is carried out.
The Filtered Price Metatrader 5 forex indicator uses a sort of a self-adjusting deviation to achieve this.
In doing so, the Filtered Price indicator filters out the desired changes in price, leaving us behind with the filtered values.
The color change found on the line of the indicator can be deployed as a signal when using the Filtered Price indicator.
The EUR/CAD H1 chart below displays the Filtered Price Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Filtered Price Metatrader 5 forex indicator turns medium sea green.
Sell Signal: Go short when the descending line of the Filtered Price Metatrader 5 forex indicator turns deep pink.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Filtered Price indicator turns deep pink.
Exit sell trade: Close all sell orders if while a bearish trend is running, the line of the Filtered Price MT5 indicator turns medium sea green.
Tips: In order to get the best off the Filtered Price indicator, we advise you carry out some experimenting with the “Period” and “Filter size” variables.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Filter size, Price), 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 Filtered price.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)