Trend Manager Metatrader 5 Forex Indicator
The Trend Manager Metatrader 5 forex indicator is a visually appealing technical forex tool that spots the direction and strength of the current price movement.
The indicator is a pattern type technical tool that sprouts dark turquoise and deep pink bars aligned above and below the candlesticks respectively.
When the Trend Manager Metatrader 5 forex indicator pops up its dark turquoise bars, the direction of the market is said to be bullish, while the deep pink bars that are usually aligned below the candlesticks are indicative of a bearish market direction.
There are eight adjustable variables within the indicator’s input parameters, play around with them until you arrive at favorable settings that will suit your trading.
The USD/JPY H4 chart below displays the Trend Manager Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Trend Manager forex indicator pops up dark turquoise bars that are aligned above price bars.
Sell Signal: Go short when the trend manager forex indicator pops up deep pink bars that are aligned below price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the deep pink bar of the indicator gets on display.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dark turquoise bar of the indicator pops up on the activity chart.
Tips: The Trend Manager indicator just as the name implies is a trend tool that works wonders for trend following currency traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Limit in points, Fast MA period, Fast MA price type, Fast MA smoothing method, Slow MA period, Slow MA price type, Slow MA smoothing method, Horizontal shift of the indicator in bars), 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 trend_manager.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)