The MA Ribbon Metatrader 5 forex indicator is a signal indicator that plots fast and slow moving averages and fills the spaces created as a result of the crossovers, in line with market conditions.
Seemingly, the default color scheme of these spaces determines bullish (deep sky blue) or bearish (sandy brown) market trends.
Some of the noteworthy input parameters that are available on the MA Ribbon MT5 forex indicator includes the fast average period, slows average period, Average method and Price to use.
Other functions like sending alerts when the MA’s cross is a plus feature on this indicator.
The EUR/JPY H4 chart below displays the MA Ribbon Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the space of the ascending MA Ribbon Metatrader 5 custom forex indicator turns deep sky blue.
Sell Signal: Go short when the space of the descending MA Ribbon Metatrader 5 custom forex indicator turns sandy brown.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the MA Ribbon MT5 custom forex indicator turns sandy brown.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the MA Ribbon MT5 custom forex indicator turns deep sky blue.
Tips: The MA Ribbon indicator is useful for scalping, day trading and swing trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Fast average period, Slow average period, Average method, Price to use, Turn alerts on? Alert on current bar?, Display messages for alerts?, Play sound on alerts?, Send email on alerts?, Send push notification on alerts), 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 MA_ribbon_1.1.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)