The TRIX Candle Keltner Metatrader 5 forex indicator is essentially a TRIX indicator in a candlestick format, alongside the Keltner channel calculated relative to TRIX averaging.
The general idea here is simple, the indicator gets implemented as a sequence of candlesticks.
The candlesticks are displayed as a result of significant price time series processed by the TRIX algorithm.
Most importantly, the forex indicator functions as an oscillator, and can also be used as a momentum indicator.
The indicator’s triple smoothing feature is then used to eliminate the cyclic components contained in the price movements with period less than that of the TRIX.
The EUR/USD H1 chart below displays the TRIX Candle Keltner Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the mostly teal colored TRIX Candle Keltner Metatrader 5 forex indicator breaks above the zero level.
Sell Signal: Go short when the mostly deep pink colored TRIX Candle Keltner Metatrader 5 forex indicator dives below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the indicator closes below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the indicator closes above the zero level.
Tips: The distinctive feature of the TRIX Candle Keltner MT5 forex indicator is its ability to filter noises and eliminate lag, hence a comfortable tool for swing as well as intraday traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (TriX_Period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | momentum
Copy and paste the TriXCandleKeltner.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)