The Leader EMA Metatrader 5 forex indicator is credited to Giorgos E. Siligardos, who’s an active leader in the development of the MACD indicator.
Giorgos was able to construct a type of moving average that he goes ahead to tag “a kind of a zero lag EMA”.
The MT5 indicator was designed to completely act as a standalone technical tool based on its construct.
In a simplistic design, it comes as a twin line plotted on the activity chart, forming crosses as it smoothens along with price.
The signal line crosses are an indicator of changes in trend, from bullish to bearish or bearish to bullish.
The GBP/USD H1 chart below displays the Leader EMA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dotted line of the Leader EMA Metatrader 5 forex indicator crosses the largely green colored line in a bottom up manner, while price trades somewhat above the lines.
Sell Signal: Go short when the dotted line of the Leader EMA Metatrader 5 forex indicator crosses the largely deep pink colored line in a top downward fashion, while price trades somewhat below the lines.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines of the Leader EMA indicator intersects.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lines of the Leader EMA indicator intersects.
Tips: The changes in color of the twin colored line can be adopted as a profitable scalping strategy when trading on smaller times frames, while the line crosses is fitting for medium/long term trading strategy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (EMA cycles period, Price, Color mode), 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 Leader 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)