The Three Pole Butter Worth Filter indicator for Metatrader 5 is a true trend follower that enables traders to enter and exit trades in the most favorable trend direction.
This indicator is presented as a single magenta-colored line on the chart.
The buy/sell trade signals are clear and work as follows:
- Price action above the line is bullish and generates a buy trade opportunity.
- Price action below the line is bearish and generates a sell trade opportunity.
Customization options for the indicator include adjusting the period, horizontal shift, and line color.
For scalpers and day traders who utilize the M1 and M5 charts, the following tips can prove valuable:
- Prefer currency pairs with narrower spreads when using the Three Pole Butter Worth Filter indicator.
- Short-term traders can benefit from the more frequent trading opportunities offered during the London and New York trading sessions.
To ensure a thorough comprehension of the indicator’s functionality, we strongly recommend testing it in a demo environment before implementing it in live trading.
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threepolebutterworthfilter.mq5 Indicator (MT5)
Chart Example
Here is how the Three Pole Butter Worth Filter indicator appears when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Three Pole Butter Worth Filter Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the candle closes above the magenta line from below.
- Open a buy trade and place your stop loss below the most recent swing low support level.
- Either close the buy trade when the candle closes back below the magenta line, or exit the trade for a fixed take profit target.
Sell Signal
- A sell signal is confirmed when the candle closes below the magenta line from above.
- Open a sell transaction and place your stop loss above the most recent swing high resistance level.
- Either close the sell trade when the candle closes back above the magenta line, or exit the trade for a fixed take profit target.
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threepolebutterworthfilter.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 threepolebutterworthfilter.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