The Mogalef bands Metatrader 5 forex indicator takes into account the market environment when making future projections of the high, median and low levels of the most probable price range.
This indicator can be deployed straightaway on any currency pair, stock, index or future you may be working with.
Targeting breakouts, taking profits or even setting stop losses can be carried out by using the Mogalef bands MT5 forex indicator.
The indicator constantly adjusts its bands to the most likely range in which price will move.
Three lines constitute the Mogalef bands i.e. the upper outer forest green, middle dotted dark gray and lower outer crimson lines.
The USD/JPY H4 chart below displays the Mogalef bands Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price trades along the upper outer forest green colored line of the Mogalef bands Metatrader 5 forex indicator.
Sell Signal: Go short when price trades along the lower outer crimson colored line of the Mogalef bands Metatrader 5 forex indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price tests the lower outer crimson colored line of the Mogalef bands indictor.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price tests the upper outer forest green colored level of the Mogalef bands indicator.
Tips: The indicator is never a standalone technical tool and should be deployed in combination with other trend following technical indicators.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Period, Price, Deviation period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend channel
Copy and paste the Mogalef bands.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)