There are several versions of the Instantaneous Trend Line Levels forex indicator but their usage is what differentiates one edition from the other. The Instantaneous Trend Line Levels Indicator is dedicated to Metatrader 5 (MT5) trading platform.
Some versions of the indicator rely on the ITL slope for signals, but they generate way too many signals and a lot of noise. This version of the Instantaneous Trendline Levels indicator uses self-adjusting levels for signals filtering.
In so doing, the indicator attempts to deliver more accurate signals while also minimizing the number of (false) signals produced.
Currency traders can also use the color changes of this forex MT5 indicator as signals for entries or exits. You are welcome to experiment with the levels period before using it for trading decisions in real account. There are also 2 display modes that you can choose according to your preferences.
How to use the Instantaneous Trend Line Levels Indicator
The trading rules of the Instantaneous Trend Line Levels Indicator are explained below.
Buy Entry Signal
Open a long position when the line of the Instantaneous Trend Line Levels forex indicator turns lime green, while a yellow green filling gets aligned below the line.
Take profit / exit trade when a bullish trend is ongoing, a lime green dotted line is seen to form above the Instantaneous Trend Line Levels indicator line.
Sell Entry Signal
Open a short position when the line of the Instantaneous Trend Line Levels forex indicator turns deep pink, while a pale violet red filling gets aligned above the line.
Take profit / exit trade when a bearish trend is ongoing, a deep pink dotted line is seen to form below the Instantaneous Trend Line Levels indicator line.
Scalpers and day traders can use it as a standalone trading tool. You can also add it to your best proven trading system or strategy.
How to install the Instantaneous Trend Line Levels Indicator on your Metatrader 5 trading plaftform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Instantaneous Trend Line Levels Indicator files into following folder of your Metatrader 5 (MT4) platform: MQL5 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL5 > Indicators (paste files here).
- Restart your Metatrader 5 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on instantaneous-trendline-levels.mq5 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
In the archives you will find following Metatrader 5 files included:
- instantaneous-trendline-levels.mq5
Instantaneous Trend Line Levels Indicator Free Download
To download the Instantaneous Trend Line Levels Indicator for Metatrader 5 (MT5) for free just click the button below:
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