The MAMA Forex indicator developed for Metatrader 5 detects the most advantageous currency trends by utilizing an effective crossover trading strategy.
It consists of two technical indicators: MAMA and FAMA.
Spotting the market trend with this indicator:
- A bullish trend is indicated when the MAMA indicator crosses above the FAMA indicator from below.
- A bearish trend is generated when the MAMA indicator crosses below the FAMA indicator from above.
You can adjust the following indicator inputs according to your preferences: MAMA color and FAMA color.
Make yourself familiar with this solid technical indicator and test it first on a demo account.
The MAMA Forex indicator supports all time frames and Forex pairs offered by the MT5 charting platform.
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The following picture shows how the MAMA indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MAMA Trend Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the green colored MAMA line crosses the red colored FAMA line bottom up.
- Open a long market transaction and place your stop loss below the most recent swing low price.
- Close the buy trade for a risk/reward ratio of at least 1.5, or await a sell signal.
- A sell signal is confirmed when the green colored MAMA line crosses the red colored FAMA line top down.
- Open a short market transaction and place your stop loss above the most recent swing high zone.
- Close the sell trade for a risk/reward ratio of at least 1.5, or await a buy signal.
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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 mama.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