Introduction to the Trix Candles with Keltner Channel Indicator
The Trix Candles with Keltner Channel Indicator is, as the name suggests, a combination of Trix Candles and Keltner Channel. It uses the 4 Trix (Triple Exponential Moving Averages Oscillator) with values of open, close, high, and low to construct candles of this indicator. That forex indicator provides quite smooth results (which is not a surprise since the Trix itself is pretty smooth) that seem to be usable in trading. To further help in trend estimation, an additional Keltner channel (calculated from Trix candles, not from symbol prices) is calculated and drawn on the same chart.
The Trix Candles with Keltner Channel Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below 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.
Example trade with the Trix Candles with Keltner Channel Indicator
Below is the screenshot of an example trade with the Trix Candles with Keltner Channel Indicator.
The best signals provided by the Trix Candles with Keltner Channel Indicator occur when Trix Candles exceed the bands of the Keltner Channel. As you can see in the above screenshot, the candles went outside the Kelter Channel to the bottom and then, the price dropped significantly.
How to set up the Trix Candles with Keltner Channel indicator in MetaTrader (MT5)?
Download the Trix Candles with Keltner Channel.rar archive at the bottom of this post, unpack it, then copy and paste the Trix Candles with Keltner Channel.ex5 or Trix Candles with Keltner Channel.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.
Summary Of That Forex Indicator
The Trix Candles with Keltner Channel 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 Forex MT5 Trix Candles with Keltner Channel Indicator
To download the Trix Candles with Keltner Channel Indicator for Metatrader 5 (MT5) for free just click the button below: