The Zero Lag Tema Bars Metatrader 5 custom forex indicator pops up on the activity chart as a set of dotted lines and painted candlesticks.
This variant has some additions that are absent in the Metatrader 4 version.
The zerolag_tema_bars Metatrader 5 custom forex indicators show prices in Heiken Ashi equivalents of normal prices (in a bid to display a Heiken ashi close once there’s a close also and so on) as well as one extra that is kept in a bid to own some values as the original indicator:
Heiken ashi average is illustrated using the following formula:
(ha open+ha close+ha high+ha low)/4.
This indicator has the option of adjusting its display to bars or candles and also one can choose if lines are going to be visible or not.
The EUR/CAD H4 chart below displays the Zero Lag Tema Bars forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the zerolag_tema_bars Metatrader 5 Forex indicator paints the candlesticks deep sky blue. The dotted lines are somewhat aligned below price bars.
Sell Signal: Go short when the zerolag_tema_bars Metatrader 5 forex indicator paints the candlestick pale violet red. The dotted lines of the indicator are somewhat aligned above price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the zerolag_tema_bars MT5 fx indicator pops up a pale violet red painted candlestick.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the zerolag_tema_bars MT5 fx indicator pops up a deek sky blue painted candlestick.
Tips: Traders can use the zerolag_tema_bars MT5 fx indicator as a reliable tool for confirming trends.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Time frame, Long period, Long price, Short period, Short price, Lines, Interpolate mtf data, View as candles?, Alert on trend change, Alert on current bar, Display messages on alerts, Play sound on alerts, Send email on alerts), 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 zerolag_tema_bars.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)