The Trend Envelopes Parabolic Weighted MA Metatrader 5 forex indicator does not deploy raw prices in its calculation, instead it offers currency traders an option of selecting smoothed/filtered price during calculation.
Fewer alerts are issued out when using the filtered prices, and based on your trading style, it can be used in filtering unwanted signals for scalping, day trading, swing trading,…
To set this forex indicator to have unfiltered/non-smoothing values, simply set the PWMA (Parabolic Weighted Moving Average) period to less than or equal to 1 and then, irrespective of the smoothing type, there will no filtering/smoothing.
The EUR/CAD H4 chart below displays the Trend Envelopes Parabolic Weighted MA Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the indicator gets aligned below the candlesticks.
Sell Signal: Go short when the crimson line of the indicator gets aligned above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the crimson line of the indicator pops up above the candlesticks.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dodger blue line of the indicator pops up below the candlesticks.
Tips: Use the Trend Envelopes Parabolic Weighted MA forex indicator along with momentum indicators to get a broad picture of price when trading intraday or scalping forex strategies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Trend envelopes deviation %, PWMA period (≤1 for no smoothing), PWMA power), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | stops
Copy and paste the Trend envelopes – parabolic weighted MA.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)