The Trend Spotter Forex Indicator for Metatrader 5 is a reliable trading tool that provides non-repaint buy and sell signals to traders.
How Does It Work?
The indicator displays a series of consecutive colored trend bars on the price chart, making it easy to interpret the signals as follows:
- Sea-green colored bars indicate a buy trade opportunity.
- Magenta colored bars indicate a sell trade opportunity.
You can adjust the fast Moving Average (MA) period, price type, smoothing method, slow MA period, colors, and limit in points.
The Trend Spotter indicator is a versatile, standalone trading tool, suitable for any currency pair and time frame.
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trend_manager.mq5 Indicator (MT5)
Chart Example EURUSD H1
The picture below shows how the Trend Spotter Forex indicator looks when applied to the MT5 charting platform.
How To Buy And Sell With The Trend Spotter Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the sea-green colored trend spotter bars get displayed on the price chart.
- Initiate a buy transaction and position a stop loss below the most recent swing low level.
- Exit the buy trade for a profit target of your preference, or await a sell signal.
Sell Signal
- A sell signal is triggered when the magenta colored trend spotter bars get displayed on the price chart.
- Initiate a sell transaction and position a stop loss above the most recent swing high level.
- Exit the sell trade for a profit target of your preference, or await a buy signal.
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trend_manager.mq5 Indicator (MT5)
Trend Spotter Continuation MT5 Trading System
This strategy combines the trend identification strength of the Trend Spotter Forex Indicator with the precise entry timing provided by the Trend Continuation Signal Forex Indicator.
It aims to capture sustained moves within a confirmed trend, filtering out false starts and maximizing profit potential.
Indicators Used
- Trend Spotter Forex Indicator: Determines the prevailing market trend by filtering noise and providing a clear trend direction signal.
- Trend Continuation Signal Forex Indicator: Generates buy/sell signals during trending moves that indicate the continuation of the existing trend.
Timeframes
Works best on M15, M30, and H1 charts. Suitable for intraday and short-term swing trading.
Buy Entry Rules
- The Trend Spotter indicator confirms an uptrend (e.g., bullish signal or green bars).
- The Trend Continuation Signal indicator issues a buy signal during the uptrend.
- Enter a long trade at the close of the candle with the continuation buy signal.
- Place a stop-loss below the recent swing low or below the Trend Spotter support level.
- Target the next resistance level or use a risk-reward ratio of 1.5 to 2.
Sell Entry Rules
- The Trend Spotter indicator confirms a downtrend (e.g., bearish signal or red bars).
- The Trend Continuation Signal indicator issues a sell signal within the downtrend.
- Enter a short trade at the close of the candle with the continuation sell signal.
- Set stop-loss above the recent swing high or above the Trend Spotter resistance level.
- Take profit at the next support zone or apply a fixed reward-to-risk ratio.
Strategy Tips
- Wait for both indicators to align before entering trades to improve the success rate.
- Consider avoiding trades during low volatility or sideways market conditions.
- Use higher timeframe trend confirmation (e.g., H4) to filter out counter-trend signals.
Conclusion
The combination of the Trend Spotter Forex Indicator and the Trend Continuation Signal Forex Indicator provides traders with a reliable and structured approach to catching sustained trend moves.
This dual confirmation system helps reduce false entries and enhances trade confidence.
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 trend_manager.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!
