The Momentum Deviation Bands indicator for Metatrader 5 creates a momentum based channel that can be used for both buy and sell trades.
The momentum channel consists of a middle gray band and two outer bands.
A bullish or bearish trend is easy to spot with this indicator:
- A bullish trend occurs when the Momentum Channel is sloping up.
- A bearish trend occurs when the Momentum Channel is sloping down.
- A sideways trend occurs when the Momentum Channel is floating in a narrow range.
This indicator can generate multiple trade entries and exits a day on the lower time frames.
The following indicator inputs can be modified: period, bands multiplier, momentum period, momentum price.
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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Momentum deviation bands.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Momentum Deviation Bands indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Momentum Deviation Bands Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal occurs when the Momentum channel is sloping up and the candle touches the lower orange line (buy on dips).
- Open a buy transaction and place a stop loss below the orange line.
- Close the buy trade at the upper green line.
Sell Signal
- A bearish signal occurs when the Momentum channel is sloping down and the candle touches the upper green line (sell on rallies).
- Open a sell transaction and place a stop loss above the green line.
- Close the sell trade at the lower orange line.
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Momentum deviation bands.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 Momentum deviation bands.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