The Parabolic Weighted Moving Average indicator for Metatrader 5 follows the trend and delivers buy and sell trading signals.
The indicator is displayed in the price chart as a green and violet colored line.
Understanding the Parabolic Weighted Moving Average:
- The green colored line shows an uptrend.
- The violet colored line show a downtrend
The following indicator inputs and parameters can be modified: period, power, and price (median).
The indicator should work equally well across all time frames and trading instruments (Forex, Gold, Indices, Stocks, etc.).
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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Parabolic weighted moving average.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Parabolic Weighted Moving Average indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Parabolic Weighted Moving Average Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green colored line gets displayed on the price chart.
- Initiate a long trade and place your stop loss below the most recent swing low level.
- Reverse the buy position when the magenta colored line appears on the trading chart (bearish trend reversal).
Sell Signal
- A sell signal is given when the magenta colored line gets displayed on the price chart.
- Initiate a short trade and place your stop loss above the most recent swing high level.
- Reverse the sell position when the green colored line appears on the trading chart (bullish trend reversal).
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Parabolic weighted moving average.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 Parabolic weighted moving average.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