The TRIX Crossover Forex indicator designed for Metatrader 5 is a valuable tool for traders, generating buy and sell signals on the chart based on TRIX crossovers.
TRIX, short for a triple moving average, forms the foundation of this indicator.
It proves most effective for scalpers and day traders who seek to gain 10-30 pips per trade.
To interpret TRIX signals, follow these straightforward guidelines:
- A green-colored TRIX arrow indicates a short-term bullish trend.
- A red-colored TRIX arrow indicates a short-term bearish trend.
Various indicator inputs and parameters can be adjusted, including TRIX period, signal period, used price, signal type, show levels, and alert notifications.
For 1-minute and 5-minute chart traders, it’s worth noting that the TRIX indicator yields the best results during the London and New York trading sessions.
Before implementing it in live trading, it’s advisable to become familiar with this technical indicator and thoroughly test it on a demo account for an extended period.
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The following chart shows what the TRIX Crossover Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The TRIX Crossover Indicator?
Find a simple trading example below:
- A buy signal is given when the green signal arrow gets displayed on the chart.
- Open a buy trade and place your stop loss a few pips below the most recent swing low area.
- Exit the buy trade for a fixed take profit target that suits your preference.
- Alternatively, await a sell signal.
- A sell signal is given when the red signal arrow gets displayed on the chart.
- Open a sell trade and place your stop loss a few pips above the most recent resistance zone.
- Exit the sell trade for a fixed take profit target that suits your preference.
- Alternatively, await a buy signal.
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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 TRIX.Crossover.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 on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration