The TMAGi Metatrader 5 forex indicator is an oscillator that is comprised of three moving averages, along with the +DI and –DI lines of the ADX indicator.
Simply put, the TMAGi Metatrader 5 forex indicator shows the state of market, which can be an uptrend, downtrend or a flat market state.
It is the position of the lines of the TMAGi Metatrader 5 forex indicator relative to its zero signal level that determines the market state:
- If the lines of the TMAGi MT5 indicator hovers around the zero level, the market is said to be flat
- The market is said to be in an uptrend state when the indicator lines are way above the zero mark
- The market is said to be in a downtrend state when the indicator lines are way below the zero mark
The USD/JPY H1 chart below displays the TMAGi Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue and green lines of the TMAGi Metatrader 5 forex indicator break above the zero level.
Sell Signal: Go short when the blue and green lines of the TMAGi Metatrader 5 forex indicator break below the zero level
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the blue line of the TMAGi Metatrader 5 forex indicator breaks below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue line of the TMAGi Metatrader 5 forex indicator breaks above the zero level.
Tips: In a bid for traders to spot very critical market states, the TMAGi Metatrader 5 forex indicator is a fine candidate on the way to achieving this, but the combination of other technical tools will definitely enhance its capabilities.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (ADX period, Fast MA period, Middle MA period, Slow MA period, SMA slowing, LWMA slowing, Applied 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 TMAGi.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)