The Power Trend Metatrader 5 forex indicator is a technical tool that is deployed in determining trend power and its direction.
The trend direction is determined by the histograms’ location relative to the zero signal level, while the color of the histogram bars depicts the trend power.
A black colored histogram represents a very weak trend or the absence of it, while a red colored histogram implies the emergence of a new trend.
In addition to this, a blue colored histogram bar shows a moderate trend, while a strong accomplished trend is denoted by green color.
The AUD/USD M30 chart below displays the Power Trend Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the histograms of the Power Trend Metatrader 5 Forex indicator get aligned above the zero signal level.
Sell Signal: Go short when the histograms of the Power Trend Metatrader 5 Forex indicator get aligned below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red histogram of the Power Trend MT5 forex indicator forms below the zero center level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a red histogram of the Power Trend MT5 forex indicator forms above the zero center line.
Tips: Short and long term traders can both take advantage of the Power Trend MT5 forex indicator to gauge the strength and direction of the trend in focus.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Indicator period, Smoothing method, Indicators price), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | trend
Copy and paste the powertrend.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)