The Multi Pass Moving Average Filter Metatrader 5 forex indicator is a digital filter that omits the use of coefficients, in a bid to deliver simplicity and an efficient code.
It is a trend following forex indicator that works for scalping, day trading and swing trading.
The basis of the aforementioned is a good old simple moving average, calculated a bit differently than the normal “sum them all and then divide”.
In addition to this, the indicator has an allowed maximum pass value of 10.
Download the “Multi pass moving average filter.ex5” MT5 indicator
The AUD/USD H1 chart below displays the Multi pass average filter Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Multi Pass Average filter Metatrader 5 forex indicator turns lime green color.
Sell Signal: Go short when the descending line of the Multi pass average filter Metatrader 5 forex indicator turns dark orange color.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the indicator turns dark orange.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the indicator turns lime green.
Tips: This indicator will give currency traders increased info on market trends plus possible reversal entry points.
Download the “Multi pass moving average filter.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (MP average period, Filter pass, Price), 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 Multi pass moving average filter.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)