The MAMy indicator for MT5 calculates three different moving averages using the opening price, closing price and weighted average. Moreover, it calculates the same for the past period n and the current period and smooths them to obtain a generator.
The resulting oscillator displays the best support and resistance. As a result, it helps forex traders to identify market support and resistance based on the oscillator.
The indicator works on all intraday price charts, as well as daily, weekly and monthly price charts. Additionally, it is easy for both new and experienced Forex traders to trade based on support and resistance.
MAMy Indicator For MT5 Trade Setup
The indicator displays green and red lines with a ZERO line in a separate indicator window. Traders should note that this indicator does not provide explicit Forex buy and sell trading signals. However, traders should consider using this indicator to identify areas of support and resistance. The trading strategy is to build support and resistance lines connecting the peaks above the ZERO line. Likewise, traders can identify support by connecting issues below the ZERO line.
It is clear from the charts that the oscillator largely determines support and resistance. Thus, traders should look for any reversal signals on resistance lines above the zero line and enter sell trades. Traders can secure this position by placing a stop loss above the previous swing high and taking profits on the opposite signal. A similar trading strategy can be used to open buy trades at a support level.
To achieve the best trading results, traders should consider using other technical indicators along with confirmation.
Setting
Period:, ma_method: Input for moving average calculation
Conclusion
Thus, the MAMy indicator for MT5 helps moving average based Forex traders to see the markets from a different perspective.
