The LWMA Trend Scalper indicator for Metatrader 5 transformed the LWMA into a simple oscillator that works well for both scalpers and day traders.
The indicator appears in a separate chart window as a green & orange colored histogram that oscillates above and below the zero point.
How to spot scalper trends with the LWMA oscillator?
- Colored bars above the LWMA zero point are considered bullish.
- Colored bars below the LWMA zero point are considered bearish.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded into the Metatrader 5 platform.
The following indicator inputs and parameters can be adjusted: period (20), color, and style.
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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Chart Example
The following chart shows what the LWMA Trend Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The LWMA Trend Scalper Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the histogram turns back above the zero level from below.
- Open a long transaction and set your stop loss below short-term support.
- Close the buy trade for a fixed take profit target of your preference.
Sell Signal
- A sell signal is given when the histogram turns back below the zero level from above.
- Open a short transaction and set your stop loss above short-term resistance.
- Close the sell trade for a fixed take profit target of your preference.
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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 LWMA_MA.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