The FP channel Metatrader 5 Forex indicator is designed with extreme price values for a specific period in mind.
The indicator comprises of three distinctly colored lines that resembles those of the Bollinger Bands.
The lines are filled medium blue (central line or the middle line), light sea green (upper channel border) and fire brick (lower channel border) by default.
The FP forex indicator deploys two variables within its input parameters:
Indicator period – defines the indicators calculation period;
Horizontal shift of the indicator in bars – defines the horizontal indicator shift counted in bars.
The GBP/USD H1 chart below displays the FP Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price opens and closes above the middle medium blue line of the FP Metatrader 5 forex indicator, and trades along the upper channel border.
Sell Signal: Go short when price opens and closes below the middle medium blue line of the FP Metatrader 5 forex indicator, and trades along lower channel border.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price closes below the medium blue central line of the indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price closes above the medium blue central line of the indicator.
Tips: A good combination of the FP indicator with other technical analysis tools will bring out the best and yield a profitable trading strategy. Works for scalping, day trading and swing trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Indicator period, Horizontal shift of the indicator in bars), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | support/resistance
Copy and paste the fp.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)