The Trend Line By Angle Forex indicator for Metatrader 5 is an improved trend line scanner that works with angles and it can be used for both entry and exit signals.
The indicator appears in the main chart screen as a purple colored resistance trend line and a blue colored support trend line.
Generally Speaking:
- Buy a candle close above the upper purple colored trend line.
- Sell a candle close below the lower blue colored trend line.
The Trend Line By Angle indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: previous numbers of bars for downside and upside, down line angle, up line angle, style, and color.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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TrendlinebyAngle.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Trend Line By Angle Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Trend Line By Angle Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when price breaks and closes above the upper purple colored trend line.
- Execute a buy trade and place stop loss below the most recent support area.
- Close the buy trade for a reward/risk ratio of at least 1.5 or better.
Sell Signal
- A sell signal is given when price breaks and closes below the lower blue colored trend line.
- Execute a sell trade and place stop loss above the most recent resistance area.
- Close the sell trade for a reward/risk ratio of at least 1.5 or better.
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TrendlinebyAngle.mq5 Indicator (MT5)
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 TrendlinebyAngle.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!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration