EMA Angle Metatrader 5 Forex Indicator
The EMA Angle Metarader 5 Forex Indicator is a trend indicator that is drawn on the basis of the simple moving average (SMA).
The indicator has its default period set at 34, although it can be adjusted to the trader’s preference.
It therefore means, the emaangle MT5 forex indicator is highly customizable, following that it can be calculated for a varying number of time periods, simply by altering the value of the “EMAPeriod” input parameters.
The emaangle Metatrader 5 forex indicator forms chartreuse histograms that are aligned above the zero level during bullish market conditions, while the magenta histograms that are placed below the zero level are used to show bearish markets.
This forex indicator is an important analytic tool deployed to spot current price trends and the likelihood for a change in an established trend.
The EUR/JPY Daily chart below displays the EMA Angle Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the chartreuse histograms of the emaangle Metatrader 5 forex indicator break above the zero level.
Sell Signal: Go short when the magenta histograms of the emaangle Metatrader 5 custom forex indicator align below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a magenta histogram gets aligned below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a chartreuse histogram gets aligned above the zero level.
Tips: The emaangle MT5 forex indicator is a reliable trend indicator and should be used by scalper all the way to intraday traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (EMAPeriod, MAType, MAPrice, AngleTreshold, StartEMAShift, EndEMAShift), 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 emaangle.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)