The Color Trend CF Metatrader 5 custom forex indicator is a technical indicator that gauges price action.
The indicator itself is made as a filling around the zero level (appearing above and below).
It is the color of the filling of the Trend CF MT5 indicator that defines the trend direction and the width of the filling around the zero level defines the trend power.
The Trend Price Action CF indicator deploys just one variable within its inputs parameter i.e. the “Period”, a variable that defines the calculation period and has a set default value of 16.
Traders can tweak this value to reach settings that suits their trading strategy.
The EUR/CAD H4 chart below displays the Color Trend CF Price Action Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the color trend cf Metatrader 5 indicator forms a medium sea green filling around the zero level. The wider the medium sea green filling, the stronger the bullish trend.
Sell Signal: Go short when the color trend cf Metatrader 5 indicator forms a deep pink filling around the zero level. The wider the deep pink filling, the stronger the bearish trend.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a deep pink filling emerges within the indicator window.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a medium sea green filling pops up within the indicator window.
Tips: Combining the Color Trend CF forex indicator with a trend tool like the moving averages will yield a profitable intraday or scalping trading strategy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period_), 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 colortrend_cf.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)