The TTF indicator for MT5 is a momentum indicator that helps forex traders identify short-term momentum reversals. The histogram is based on TTF – Trend Trigger Factor and adds the T3 indicator as a smoothing factor. As a result, the indicator provides forex traders with effective and profitable entry signals.
The indicator builds a histogram and is effective for new and experienced Forex traders.
Moreover, the indicator works well on all timeframes, both intraday and long-term. Additionally, traders can use the indicator to develop automated trading strategies.
TTF Indicator For MT5 Trading Signals
The indicator displays a blue indicator line and overbought and oversold levels at 100 and -100. The trading strategy is based on the intersection of the signal line and the zero line of the histogram. By the way, traders can also trade using the intersection of the zero line and histogram bars.
If the indicator line crosses the zero line, it indicates a bullish trading signal. Therefore, traders should enter the market with a buy trade and place a stop below the previous swing low.
Additionally, the indicator does not provide a target profit, so traders should exit with a good risk-reward ratio or an opposite trading signal. Traders can use a similar trading approach with a bearish signal when the indicator and signal line cross down.
The indicator detects momentum and provides bullish and bearish trading signals. Therefore, for a profitable trade, it is important to confirm this trade with price action.
Setting
Period: Number of TTF bars for indicator calculation
Overbought:: Maximum value for indicator signal line
Oversold:: Minimum value for indicator signal line
Conclusion
To sum it up, the TTF indicator for MT5 is a very interesting tool for Forex momentum traders. Moreover, it is as simple as trading the MACD histogram and is effective for new and advanced Forex traders in technical analysis.
