The Trix Candle Metatrader 5 Forex indicator is an enhanced version of the Triple Exponential Average (TRIX) that was designed by Jack Hutson.
The TRIX indicator was originally developed as an oscillator to gauge overbought/oversold market conditions.
The trix candle Metatrader 5 forex indicator can also be used as a momentum indicator.
Traders use the trix candle MT5 indicator as a tool to eliminate the cyclic components in price movements with the period less than that of the TRIX.
This indicator is implemented as a sequence of candlesticks within the indicator window.
These candlesticks pop up as a result of relevant price time series processed by the TriX algorithm.
This approach offers a more informative means of analysis in many market situations.
The EUR/CAD H4 chart below displays the Trix Candle Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the trixcandle Metatrader 5 forex indicator forms teal colored candles. Hold bullish positions when candles are aligned above the zero level.
Sell Signal: Go short when the trixcandle Metatrader 5 forex indicator forms deep pink colored candles. Stay bearish when the candles are aligned below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the candles of the trixcandle MT5 fx custom indicator dip below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the candles of the trixcandle MT5 fx custom indicator surge above the zero level.
Tips: Day traders will find the trixcandle Metatrader 5 forex indicator as an irresistible tool.
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
Copy and paste the trixcandle.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)