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.
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.
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)