The Ehlers Leading Forex indicator for Metatrader 5 delivers leading buy and sell trading signals based on the crossover of two lines.
The indicator is less lagging in nature and should work well for scalpers and day traders.
Finding the prevailing trend is simple with this indicator:
- The leading trend is bullish when the red line crosses the blue line bottom-up.
- The leading trend is bearish when the red line crosses the blue line top-down.
The following indicator inputs can be modified: alpha 1, alpha 2.
Feel free to experiment with the alpha 1 & 2 parameters.
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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EhlersLeadingIndicator.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Ehlers Leading Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Ehlers Leading Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal occurs when the blue line crosses below the red line from above.
- Open a buy order and place a stop loss 2-3 pips below short-term support.
- Close the buy trade for a fixed profit target, or when both lines cross in the opposite direction.
Sell Signal
- A bearish signal occurs when the blue line crosses above the red line from below.
- Open a sell order and place a stop loss 2-3 pips above short-term resistance.
- Close the sell trade for a fixed profit target, or when both lines cross in the opposite direction.
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EhlersLeadingIndicator.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 EhlersLeadingIndicator.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