Daryl Guppy is the man behind the Guppy MMA of Double Smoothed EMA Metatrader 5 forex indicator.
He designed this technical tool to capture the conditional behavior of traders and market participants by deploying two groups of averages.
The Guppy MT5 indicator also uses fractal repetition to spot points of agreement and disagreement which herald important trend changes.
It is important to note that this Guppy forex indicator uses double smoothed EMA instead of some basic moving average.
The EUR/JPY H1 chart below displays the Guppy MMA of Double Smoothed EMA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the red lines of the Guppy MMA forex indicator intersects the lime green lines in a bottom up manner (while price trades slightly above).
Sell Signal: Go short when the red lines of the Guppy MMA forex indicator cuts through the lime green lines in an up downward fashion (while price trades slightly below).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines (red and lime green) of the Guppy MMA indicator intersect.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lines (red and lime green) of the Guppy MMA indicator intersect.
Tips: The Guppy MMA indicator can be used for both short-term and long term forex trading purposes.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Price to use, Starting color for MAs, Ending color for MAs), 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 guppy_mma_of_double_smoothed_ema.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)