The Slope MA Confirmation Metatrader 5 forex indicator is a technical tool that displays two moving averages while also comparing the direction of the moving averages averages.
The intersection of the indicator lines reveals buy and sell colored candlesticks on the price chart.
The moving average period is set at a default value of 50, while the slope direction line also gets the same value.
You can modify this values to arrive at one that suits your trade preference.
The color of the candles are green (bullish sentiment), light green (bearish condition within an overall bullish market), red (bearish sentiment) and light red (bullish condition within an overall bearish market).
The USD/JPY H1 chart below displays the Slope MA Confirmation Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the thicker ascending line (SMA Slope Direction Line) of the Slope MA Confirmation Metatrader 5 forex indicator turns green.
Sell Signal: Go short when the thicker descending line (SMA Slope Direction Line) of the Slope MA Confirmation Metatrader 5 forex indicator turns red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the thicker line (SMA Slope Direction Line) of the Slope MA Confirmation indicator reverts to red.
Exit sell trade: Close all sell orders if while a bearish trend is running, the thicker line (SMA Slope Direction Line) of the Slope MA Confirmation indicator changes to green.
Tips: It is quite simple when looking at this indicator to understand the path of price during volatile and non-volatile market sessions.
Adding other technical indicators (oscillators) to it will further boost its alert precision.
Implement this indicator into your scalping, day trading and swing trading strategies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (MA period, MA method, MA applied price, SDL period, SDL method, SDL applied price), 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 Slope_MA_Confirmation.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)