The Trend Envelopes of Averages Histogram Metatrader 5 forex indicator is a buy/sell signal technical tool that is calculated based on a percentage of price change.
This information is then formulated into an easy to read buy and sell signals histogram.
To determine whether a new trend is underway or that the current trend stays the same, the Trend Envelopes of Averages Histogram MT5 forex indicator deploys the percentage of price change to achieve this.
The indicator smoothen prices prior to be used in its calculation, in a bid to filter out some fake signals.
The EUR/USD H1 chart below displays the Trend Envelopes of Averages Histogram Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue histograms of the Trend Envelopes of Averages Histogram Metatrader 5 forex indicator pops up within the indicator window.
Sell Signal: Go short when the crimson histograms of the Trend Envelopes of Averages Histogram Metatrader 5 forex indicator pops up within the indicator window.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a crimson histogram of the indicator pops up.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a dodger blue histogram of the indicator pops up.
Tips: Works for scalpers, day traders and swing traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [Trend envelopes deviation %, Smoothing period (<=1 for no smoothing) Smoothing method], 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 Trend envelopes – of averages – histo.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)