The percentage of price change is what determines the Simple Buy Sell Signals MT5 forex indicator and it is deployed in gauging if a new trend is forming or the trend stays the same.
The Simple Buy Sell Signals Metatrader 5 forex indicator is a variant of the Trend Envelopes that uses Standard Deviation for the price change calculation as a replacement and combines prices smoothing prior to be used in calculations.
There are four types of averages that are used in smoothing the Simple Buy Sell Signals forex indicator i.e. Simple Moving Average, Exponential Moving Average, Smoothed Moving Average and Linear Weighted Moving Average.
Asides the regular time frames offered on the MT5 platform, the indicator also adds three special ones to the list.
Download the “STD Trend envelopes of averages – mtf.ex5” MT5 indicator
The EUR/CAD H4 chart below displays the Simple Buy Sell Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the Simple Buy Sell Signals forex indicator gets aligned slightly below the candlesticks.
Sell Signal: Go short when the crimson line of the Simple Buy Sell Signals forex indicator gets aligned slightly above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the crimson line of the Simple Buy Sell Signals Metatrader 5 forex indicator pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dodger blue line of the Simple Buy Sell Signals Metatrader 5 forex indicator pops up on the activity chart.
Tips: Trading the Simple Buy Sell Signals MT5 indicator in combination with other technical indicators will drive profitability for scalpers and day traders higher.
Download the “STD Trend envelopes of averages.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable [Time frame, Deviations period, Deviations multiplication factor, Smoothing period (<=1 for no smoothing), Smoothing method, Interpolate in multi time frame mode?], 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 STD Trend envelopes of averages.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)