The Flat Trend Metatrader 5 forex indicator is a custom tool that is based on two technical indicators i.e. Parabolic SAR and ADX.
The indicator depicts market state within the indicator window via the use of color marks, based on the completeness of data delivered by both the ADX and Parabolic SAR.
The indicator is quite able to quantify trend strength and also the direction of the trend.
With a color scheme that well explains this, the Flat Trend indicator displays a green (DMI up, SAR up), yellow green (DMI up SAR down), orange (DMI down, SAR up), and red (DMI down, SAR down) colored marks to define the aforementioned attributes.
The EUR/CAD H1 chart below displays the Flat Trend Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the color marks of the Flat Trend Metatrader 5 forex indicator turns dark green within the indicator window (strong bullish trend).
Sell Signal: Go short when the color marks of the Flat Trend Metatrader 5 forex indicator turns red within the indicator window (strong bearish trend).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Flat Trend indicator pops up a red or orange color mark within the indicator window.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Flat Trend indicator pops up a green or yellow green color mark within the indicator window.
Tips: There is no golden rule to trading forex, and as such we advise that you play around with the settings found on the indicator, while also using it in conjunction with other technical indicators.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (SAR step, SAR max, ADX period=16), 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 Flat_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)