MMR Indicator
The MMR indicator for MT5 combines the MACD, RSI, EMA and LWMA indicators to provide trend-based buy and sell trading signals.
Description
The MMR indicator for MT5 combines the MACD, RSI, EMA and LWMA indicators to create a histogram. Combinations of these 4 indicators provide trend-based Forex trading signals.
Traders can adjust the parameters of MACD (moving average convergence and divergence), RSI (relative strength index), EMA (exponential moving average) and LWMA (linear weighted moving averages).
The indicator is suitable for new and experienced Forex traders and works well on all timeframes. Moreover, the indicator is not redrawn after the candle closes.
MMR Indicator For MT5 Trading Signals
The indicator builds a histogram with green upper and red lower bars. Moreover, it changes the candle color to green, red and gray depending on the trend. The trading strategy is based on the appearance of histogram bars above or below the zero line.
If the green histogram bar appears above the zero line, traders should consider entering the market with a buy trade. Stop losses should be placed below the previous swing low, and traders should take profits on an opposite trading signal or if the histogram stops printing bars. Traders who decide to exit trades due to a missing histogram may not be able to follow trends, but this is useful for scalpers.
Likewise, traders should enter a sell trade if the red histogram bars appear below the zero line. The indicator does not redraw and uses EMA and LWMA to reduce the delay associated with moving averages. However, having all 4 indicators using moving averages in one way or another gives slower trading signals.
Conclusion
Thus, the MMR indicator for MT5 smooths the values of all 4 indicators, complementing each other, and determines the trend.