The Corrected Momentum indicator for Metatrader 5 measures market momentum using a correction period and it provides accurate Forex trading signals.
Corrected Momentum is often abbreviated as Corr Momentum.
The indicator shows up in the dedicated chart as green and orange signal lines that move above and below predetermined threshold levels.
Key takeaways:
- The green colored line represents a bullish market trend.
- The orange colored line represents a bearish market trend.
The indicator contains the following inputs and parameters: momentum period, correction period, price, color change, upper level %, lower level %, push alerts, email alerts, sound alerts.
Please make yourself familiar with this technical indicator and test it first on a demo account before applying it to a real trading account.
It supports all time frames and Forex pairs.
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Corr_momentum.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Corr Momentum indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Corrected Momentum Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green colored Corr signal line gets displayed on the chart.
- Open a buy order and place your stop loss slightly below technical support.
- Exit method 1: take profit for a fixed number of pips.
- Exit method 2: wait for a bearish trend reversal signal.
Sell Signal
- A sell signal is generated when the orange colored Corr signal line gets displayed on the chart.
- Open a sell order and place your stop loss slightly above technical resistance.
- Exit method 1: take profit for a fixed number of pips.
- Exit method 2: wait for a bullish trend reversal signal.
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Corr_momentum.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 Corr_momentum.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