The Trend Range Metatrader 5 Forex indicator is an oscillator that plots a histogram (along with border levels at two moving averages on the indicator histogram) showing three states in the market: a trending, a moderate or fading trend and a flat or choppy market.
If the bars of the histograms that are filled blue gets above the upper level i.e. the blue moving average line, it is an indication of a trending market;
If the bars of the histograms that are filled red gets between the upper and lower levels i.e. between the blue and red lines, it is an indication of a moderate or fading market;
If the bars of the histograms that are filled gray gets below the lower level i.e. below the red line, it is an indication of a choppy or flat market.
There are three input parameters that are available on the Trend Range Metatrader 5 forex indicator:
- Period – defines the calculation period;
- Method – defines the smoothing method;
- Deviation – defines the deviation for the threshold levels calculation.
The EUR/GBP M30 chart below displays the Trend_Range Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the blue histogram of the Trend_Range MT5 forex indicator gets above the upper level (blue line), following a bullish confirmation from other technical indicators like the MACD.
Sell Signal: Go short when blue histogram of the Trend_Range Metatrader 5 forex indicator gets above the upper level (blue line), following a bearish signal from other indicators like the MACD or moving averages.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the gray histogram of the Trend_Range MT5 indicator gets aligned below the lower level (red line).
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the gray histogram of the Trend_Range MT5 indicator gets aligned below the lower level (red line).
Tip: The Trend_Range Metatrader 5 forex indicator should never be used in isolation, instead combining it with trend indicators like the MACD or Moving Averages will transform it into a potent trading system.
Scalpers can comfortably deploy this tool when designing a profitable trading strategy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Method, Deviation), 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_Range.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)