The Min Max Signals Metatrader 5 forex indicator is based on a very modest idea that involves the calculation of the minimum and maximum of some price over a specified time period and such values are then deployed in the continued estimation of the currency trend.
The indicator has a dual colored middle line that is bordered by an upper and lower dotted lines.
The outer dotted lines alternates its colors (medium sea green & orange red) in line with those of the median line.
When the median dual colored line of the Min Max indicator turns medium sea green, so does the outer dotted lines, while the later also turns orange red when the median line reverts its color to orange red.
The coloring of the outer bands are also convenient for short term trend estimation (good for scalping and day trading).
The EUR/GBP H1 chart below displays the Min Max Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending median line of the Min Max Metatrader 5 forex indicator turns medium sea green.
Sell Signal: Go short when the descending median line of the Min Max Metatrader 5 forex indicator turns orange red.
Exit buy trade: Close all buy orders if while a bullish trend is running, the median line of the Min Max indicator turns orange red.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the median line of the Min Max indicator turns medium sea green.
Tips: The outer bands of the Min Max indicator can also be used as targets for stop losses or take profits, based on your trading requirements.
Forex traders can incorporate this indicator to serve as a medium term trend tool.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (MinMax period, Price), 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 MinMax.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)