The EMA Angle MT5 indicator is an oversold and overbought forex technical analysis indicator. It provides buy and sell trading signals once the indicator deviation angle exceeds a pre defined threshold.
Features of EMA Angle MT5 Indicator
The indicator plots the histogram in multiple colors. Green and magenta indicate the EMA within the pre defined threshold levels. However a highlighted green and magenta indicate the EMA levels exceeding the threshold.
Additionally, the upper threshold line is in magenta and the lower one is blue. In an uptrend if the EMA values move above the upper threshold magenta line, the histogram bars highlight in green. This indicates that the bullish market has reached a potential top and price is expected to reverse. So, traders should wait for the indicator to move below the threshold line and enter a sell trade.
Similarly, if the EMA histogram bars move lower and exceed the lower threshold blue line the histogram bars changes to highlighted color. Traders should anticipate a price reversal and wait for the EMA to move higher above the threshold line and enter a buy trade.
Benefits of EMA Angle MT5 Indicator
The indicator slope helps traders to identify the trend direction and its strength. Moreover, the price reversal from the threshold levels indicates potential trend exhaustion point. So, this indicator is beneficial for new and advanced forex traders to trade the market successfully in multiple ways.
Moreover, entering a buy or sell trade at the extreme trend reversals using this indicator provides a good risk reward ratio. However, traders should wait for confirmation of price reversal before entering such trades.
Indicator Settings Description
EMAPeriod: Period for EMA calculation.
MAType, MAPrice: Type of moving average and price type.
AngleTreshold: Minimum deviation angle.
StartEMAShift, EndEMAShift: Starting and ending point to calculate the shift.
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