The Range Expansion Index indicator for Metatrader 5 is a Forex signal oscillator assisting in identifying favorable trade entries and take profit points.
The indicator gets loaded in a dedicated chart window as colored histogram bars that oscillate above and below 0.
How do you trade Forex with this indicator?
- Histogram bars above 0 indicate a buy trade opportunity.
- Histogram bars below 0 generate a sell trade opportunity.
You have the flexibility to adjust the following indicator inputs according to your preferences: smoothing period, and colors.
Before using this indicator with real money, it is advisable to familiarize yourself with it by testing it on a demo account.
Here are some additional tips specifically for scalpers and day traders who utilize the Range Expansion Index Signal indicator:
- Minimize trading costs by applying the indicator on currency pairs with lower spreads.
- The London and New York trading sessions offer more frequent trading opportunities to short-term traders.
The Range Expansion Index Forex indicator is compatible with all time frames and Forex pairs available on the MT5 charting platform.
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The following picture shows what the Range Expansion Index indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Range Expansion Index Indicator?
Find a simple trading example below:
- A buy trade is triggered when the histogram bar crosses back above 0.
- Open a buy market transaction and place your stop loss below the most recent swing low region.
- Close the buy trade for a risk/reward ratio of at least 1.3, or await a sell signal.
- A sell trade is triggered when the histogram bar crosses back below 0.
- Open a short market transaction and place your stop loss above the most recent swing high zone.
- Close the sell trade for a risk/reward ratio of at least 1.3, or await a buy signal.
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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 rangeexpansionindex.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