The Moving Average Trend Fan indicator for Metatrader 5 is a well-known tool for trend trading that works similarly to the rainbow indicator.
The indicator is displayed as a series of colored moving averages that provide trend direction for any currency pair.
To identify market trends using the Moving Average Trend Fan indicator, observe the following guidelines:
- A bullish trend occurs when the short-term moving averages are positioned above the long-term moving averages.
- A bearish trend occurs when the short-term moving averages are positioned below the long-term moving averages.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded into the Metatrader 5 platform.
Please note that the indicator works for scalping, day trading, and swing trading.
The indicator offers customizable inputs and parameters, including MA method, MA price, period step, count, and colors 1-6.
Traders can adjust these settings according to their preferences and trading style.
Make yourself familiar with this technical indicator and test it first on a demo account until you fully understand how it works.
It supports all time frames and Forex pairs.
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The following picture shows what the Moving Average Trend Fan Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Moving Average Trend Fan Indicator?
Find a simple trading example below:
- A buy signal is given when the short-term moving averages cross above the long-term moving averages from below (see image above).
- Open a buy trade and set your stop loss below the magenta colored moving average fan.
- Close the buy trade for a fixed take profit target, or await a sell signal (bearish trend reversal).
- A sell signal is given when the short-term moving averages cross below the long-term moving averages from above.
- Execute a sell trade and place your stop loss above the magenta colored moving average fan.
- Close the sell trade for a fixed take profit target, or await a buy signal (bullish trend reversal).
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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 imafan.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