Vidya Metatrader 5 Forex Indicator
Vidya is short for Variable Index Dynamic Average and represents a Metatrader 5 forex trend indicator designed by Tushar Chande.
The general idea of the indicator entails a method of calculating the Exponential Moving Average (EMA) with the dynamically altering period of averaging.
The period of averaging is largely dependent on the market volatility, which is gauged using the Chande Momentum Oscillator (CMO).
This version of the Vidya Metatrader 5 forex indicator fixes the problem of inefficiency that characterizes the use of longer periods, thus eliminating any possible difference that might exist when short or long periods are in use.
The changes in color of the Vidya MT5 indicator line signals a change in trend, from bullish to bearish or from bearish to bullish.
The USD/CHF M30 chart below displays the Vidya Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Vidya Metatrader 5 custom forex indicator turns lime green, while also aligning somewhat below price bars.
Sell Signal: Go short when the descending line of the Vidya Metatrader 5 custom forex indicator turns deep pink, while also positioning itself above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Vidya indicator turns deep pink.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the Vidya indicator turns lime green.
Tips: The Vidya forex indicator can be used in testing scalping and intraday forex strategies without the dangers of experiencing numerous false positives.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable [Vidya period, Momentum period (<=1 for same as vidya period), Price], 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 Vidya.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)