The LRMA Forex Signal indicator designed for Metatrader 5 creates a two-colored trading signal line solely based on the LRMA technical indicator.
LRMA is the abbreviation for Linear Regression Moving Average.
The indicator appears on the price chart as a green and red colored line.
To effectively interpret this trading tool, consider the following simple guidelines:
- A green colored LRMA line indicates a bullish market trend.
- A red colored LRMA line suggests a bearish market trend.
The LRMA signal indicator can be effectively combined with other technical tools, yet it is also capable of performing well as a standalone trading tool.
You can customize the following indicator inputs and parameters: period LRMA, and colors.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to live trading.
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The image below shows what the LRMA Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The LRMA Signal Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored LRMA signal line gets displayed on the chart (see chart example above).
- Open a buy market order and place a stop loss below the most recent swing low.
- Close the buy trade for a fixed profit target of your preference.
- Optional: reverse the long trade when the red sell line appears on the chart.
- A sell signal is given when the red colored LRMA signal line gets displayed on the chart (see chart example above).
- Open a sell market order and place a stop loss above the most recent swing high.
- Close the sell trade for a fixed profit target of your preference,
- Optional: reverse the short trade when the green buy line appears on the chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the LRMA_Color.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration