As the name suggests, the Forex Price Forecaster indicator for Metatrader 5 predicts future currency prices and draws the forecast line on the chart.
The indicator indicator appears as a blue and red line on the main MT5 chart window.
The red colored part of the line is the future price prediction.
How to interpret the red line?
- When the red colored line is pointing to the upside, future price is likely to go up.
- When the red colored line is pointing to the downside, future price is likely to go down.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download:
Download the “ar_extrapolator_of_price.mq5” indicator for MT5
Indicator Example Chart (EUR/USD H1)
The picture below shows the Forex Price Forecaster indicator in action on the MT5 trading chart.
After you downloaded and installed the indicator on the MT5 trading platform, it should look like the image as shown above.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Forex Price Forecaster indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 5 (MT5)
Trading Instruments: Works for Forex, Stocks, Commodities, Equity Indices, Precious Metals, Energies and Shares
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Forecast
Does the indicator repaint? No.
Download Now:
Download the “ar_extrapolator_of_price.mq5” indicator for Metatrader 5
How to install this indicator on Metatrader 5?
Open the Metatrader 5 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL5”
Now double click on “Indicators”
Paste the ar_extrapolator_of_price.mq5 indicator in the Indicators folder.
Finally restart the MT5 platform and attach the indicator to any chart.
How to remove the indicator?
Right click with your mouse on the chart that you have the indicator attached to.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse on the chart that you have the indicator attached to.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.