Introduction to the Forex Off Trend Indicator
The Forex Off Trend Indicator is a trend-following tool and its signals are presented in a form of the cloud. When the cloud is green, the trend momentum is considered to be bullish and traders should take buy opportunities. Conversely, when the cloud is pink, the trend momentum is considered to be bearish and traders should take sell opportunities.
The Forex Off Trend Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Forex Off Trend indicator in MT5?
Download the Forex Off Trend.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Off Trend.ex5 or Forex Off Trend.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Forex Off Trend indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex indicators to try.
Download Free MT5 Forex Off Trend Indicator
To download the Forex Off Trend Indicator for Metatrader 5 (MT5) for free just click the button below: