The Elder Auto Envelopes indicator for Metatrader 5 shows the best buying and selling trade opportunities to currency traders.
Based on the slope of the envelope, it paints buy and sell signal lines in the price chart.
Trading with the Elder Auto Envelopes indicator is simple and profitable if used correctly.
How to identify buying and selling trade opportunities?
- The blue colored line represents a buying opportunity.
- The orange colored line represents a sell opportunity.
The following indicator inputs and parameters can be modified: EMA period, fast EMA period, price, deviation period.
The Elder Envelopes indicator does not repaint the buy and sell signal lines under any circumstances.
Please make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
Download Indicator 🆓
elder_auto_envelope_1_2.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Elder Auto Envelopes indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Elder Auto Envelopes Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy trade is confirmed when the blue line is shown in the price chart.
- Open a buy trade and place your stop loss below the lower gray dotted support line.
- Close the buy trade when the price reaches the upper gray dotted resistance line and wait for the next signal.
Sell Signal
- A sell trade is confirmed when the orange line is shown in the price chart.
- Open a sell trade and place your stop loss above the upper gray dotted resistance line.
- Close the sell trade when the price reaches the lower gray dotted resistance line and wait for the next signal.
Download Now 🆓
elder_auto_envelope_1_2.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 elder_auto_envelope_1_2.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