The Moving Averages Fan indicator for Metatrader 5 is a solid trend trading tool based on the moving averages fan lines.
It gets displayed in the main charts as colored green fan lines revealing the overall direction of the Forex trend.
The indicator does not repaint the fan lines whatsoever.
How does it work?
- The market trend is considered bullish when the candles appear above the fan lines.
- The market trend is considered bearish when the candles appear below the fan lines.
The following indicator inputs can be modified: color of the fan, type of period calculation, number of fan lines, start period, method, and calculation price.
Make yourself familiar with this technical indicator and test it first on a demo account until you understand how it works.
It works for all currency pairs and trade instruments offered by the MT5 charting platform.
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Chart Example
The following chart shows how the Moving Averages Fan indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Moving Averages Fan Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is generated when the candle crosses above the Moving Average Fan from below.
- Open a buy trade and place the initial stop loss below the Moving Average Fan lines.
- Exit the buy trade near key resistance levels, or wait for a sell signal.
Sell Signal
- A sell signal is generated when the candle crosses below the Moving Average Fan from above (see chart example above).
- Open a sell trade and place the initial stop loss above the Moving Average Fan lines.
- Exit the sell trade near key support levels, or wait for a buy signal.
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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 afanma.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