The MAMA Exponential Moving Average Metatrader 5 forex indicator is a set of moving average lines wrapped around price bars.
The indicator is fundamentally based on the exponential moving average algorithm and deployed to a currency pair’s current volatility.
The two lines of the MAMA forex indicator are essentially two averages – the fast MAMA (lime line) and slow FAMA (red line).
Market entries and exits are determined by the crossover of these averages.
The EUR/CAD H4 chart below displays the MAMA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the red line of the MAMA forex indicator intersects the lime line in a bottom up manner (with price aligned slightly above the lines).
Sell Signal: Go short when the red line of the MAMA forex indicator intersects the lime line in a top downward fashion (with price aligned slightly below the lines).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines of the MAMA trading indicator crosses in the opposite direction.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lines of the MAMA trading indicator crosses in the opposite direction.
Tips: The MAMA forex indicator works best in non-choppy markets and can serve scalpers, as well as intraday traders alike.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: 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 mama.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)