The Trend Power Forex Signal indicator for Metatrader 5 provides successful trend trading signals utilizing moving averages and a smoothing price filter.
The indicator appears on the price chart as blue and red colored signal dots, along with moving average lines.
To identify the general market trend using the Trend Power indicator:
- A bullish trend occurs when the price chart displays blue signal dots.
- A bearish trend occurs when the price chart displays red signal dots.
The following indicator inputs and parameters can be fully customized: moving averages period step, smoothing method, type of price, horizontal shift.
The indicator signals work for any trading instrument supported by the Metatrader 5 charting platform.
Familiarize yourself with this technical indicator and test it first on a demo account for an extended period.
Scalpers and day traders can maximize their profit potential by employing the Trend Power Forex Signal indicator during the London and American trading hours.
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The picture below illustrates how the Trend Power Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trend Power Forex Signal Indicator?
Find a simple trading strategy below:
- Initiate a buy trade when the blue colored Trend Power dot gets displayed in the price chart (see chart example above).
- Add a stop loss below technical support.
- Wait for a bearish trend reversal signal to exit the buy trade.
- Optional: close the buy trade for a profit target of your preference.
- Initiate a sell trade when the red colored Trend Power dot gets displayed in the price chart (see chart example above).
- Add a protective stop loss above technical resistance.
- Wait for a bullish trend reversal signal to exit the sell trade.
- Optional: close the sell trade for a profit target of your preference.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the trendpower.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration