There are different versions of the Instantaneous Trend Line Levels Metatrader 5 forex indicator but their usage is what differentiate one version from the other.
Some versions of the indicator relies on the ITL slope for signals.
This version of the Instantaneous Trend Line Levels MT5 forex indicator uses self-adjusting levels for signals filtering.
In so doing, the indicator attempts to deliver better signals while also minimizing the number of signals produced.
Currency traders can also use the color changes of the forex indicator as signals for entries or exits.
The USD/JPY H4 chart below displays the Instantaneous Trendline Levels Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the Instantaneous Trend Line Levels Metatrader 5 forex indicator turns lime green, while a yellow green filling gets aligned below the line.
Sell Signal: Go short when the line of the Instantaneous Trend Line Levels Metatrader 5 forex indicator turns deep pink, while a pale violet red filling gets aligned above the line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a lime green dotted line is seen to form above the Instantaneous Trend Line Levels indicator line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a deep pink dotted line is seen to form below the Instantaneous Trend Line Levels indicator line.
Tips: Some experimenting with the levels period of the Instantaneous Trend Line Levels MT5 forex indicator is advised before deploying it for swing trading decisions.
Scalpers and day traders can use it as a stand alone technical indicator.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable [Period, Levels period (<=1 for same as trendline period), Price, Filled zones display :], 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 Instantaneous trendline levels.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)