Introduction to the Parabolic Weighted Velocity Indicator
The Parabolic Weighted Velocity Indicator works in a very similar manner to the Jurik Velocity. The difference is between Parabolic Weighted Moving Average and Linear Weighted Moving Average. This Parabolic Weighted Velocity extends the original indicator by allowing you to change the “power” of the calculated averages used for velocity calculation. The bigger the Power parameter, the more weight is set to the current price (it is faster). The smaller the Power parameter the slower is the velocity.
The Parabolic Weighted Velocity 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 Parabolic Weighted Velocity indicator in MT5?
Download the Parabolic Weighted Velocity.rar archive at the bottom of this post, unpack it, then copy and paste the Parabolic Weighted Velocity.ex5 or Parabolic Weighted Velocity.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 Parabolic Weighted Velocity 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 MT4 indicators to download and try.
Download Free Forex MT5 Parabolic Weighted Velocity Indicator
To download the Parabolic Weighted Velocity Indicator for Metatrader 5 (MT5) for free just click the button below: