The Advanced Fractal Envelopes Forex indicator for Metatrader 5 draws envelopes + fractals on the chart and it can be used for trade entry and exit.
The indicator appears in the main chart as 3 colored envelopes and green & red colored fractals.
How to determine the overall trend direction?
- The trend is bullish when the envelopes are sloping upward.
- The trend is bearish when the envelopes are sloping downward.
For scalpers, the Advanced Fractal Envelopes indicator performs the best during the London and New York trading sessions.
The indicator contains the following inputs and parameters: average, show central line, show fractals.
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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Advanced_Fractal_Envelopes.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Advanced Fractal Envelopes indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Advanced Fractal Envelopes Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the advanced envelopes channel is sloping up and a green fractal gets plotted on the chart.
- Open a buy trade and set your initial stop loss below the green channel line (support).
- Close the buy trade as soon as a red colored fractal appears on the chart, or hold the trade for a reward/risk ratio of 1.5.
Sell Signal
- A sell signal occurs when the advanced envelopes channel is sloping down and a red fractal gets plotted on the chart.
- Open a sell trade and set your initial stop loss above the red channel line (resistance).
- Close the sell trade as soon as a green colored fractal appears on the chart, or hold the trade for a reward/risk ratio of 1.5.
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Advanced_Fractal_Envelopes.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 Advanced_Fractal_Envelopes.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