Absolute Strength V2 Forex Indicator For Metatrader 5
The Absolute Strength V2 MT5 indicator is an advanced buy/sell signal version of the default Absolute Strength technical indicator.
There are many options to choose from, for instance, you can set the calculation math method to RSI, Stochastic and DMI.
Trend interpretation from the Absolute Strength V2 indicator goes as follows:
- The trend is considered upward when the blue line crosses the red line upward.
- The trend is considered downward when the red line crosses the blue line upward.
The Absolute Strength V2 Forex indicator can be used for any trading style: scalping, day trading and swing trading.
Feel free to experiment with its different parameters and settings.
Deploy on any currency pair, stocks, indices, Gold,…
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Absolute Strength V2 Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 5 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Absolute Strength V2 Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Buy the currency pair when the blue signal line of the Absolute Strength V2 Forex MT5 indicator crosses the red signal line upward.
Place stop loss 3 pips below short-term support, or use your own stop loss placement method.
Exit the buy trade for a reward to risk 1.5:1 ratio or use a fixed profit target, for instance 45 pips on the 15 min chart.
You can also exit the buy trade when the red signal line crosses above the blue signal line from below.
Sell Trigger: Sell the currency pair when the red signal line of the Absolute Strength V2 Forex MT5 indicator crosses the blue signal line upward.
Place stop loss 3 pips above short-term resistance, or use your own stop loss placement method.
Exit the sell trade for a reward to risk 1.5:1 ratio or use a fixed profit target, for instance 25 pips on the 5 min scalper chart.
You can also exit the sell trade when the blue signal line crosses above the red signal line from below.
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Time frame, math method, period of evaluation, period of smoothing, moving average mode, period of signal line, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT5
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Average True Range
Copy and paste the indicator in the MT5 indicators data folder.
Then restart the MT5 terminal and attach it to any chart.