There are a few versions of the Instantaneous Trend Line Levels mt5 forex indicator, but their usage differentiates one edition from the other. The Instantaneous Trend Line Levels Indicator is dedicated to Metatrader 5 (MT5) trading platform.
Some indicator versions rely on the ITL slope for signals, but they generate too many signals and a lot of noise. This Instantaneous Trendline Levels indicator version uses self-adjusting levels for signal filtering.
The indicator attempts to deliver more accurate signals while minimizing the number of wrong signals produced.
Currency forex traders can also use the color changes of this mt5 forex indicator as entry signals or exits. You are welcome to test with the levels period before using it for trading decisions in actual accounts. There are also two display modes that you can choose according to you.
How to use the Instantaneous Trend Line Levels mt5 Indicator
The trading rules of the forex Instantaneous Trend Line Levels mt5 Indicator are explained below.
Buy Entry Signal
Open a long position when the Instantaneous Trend Line Levels mt5 forex indicator line turns lime green while a yellow-green filling gets aligned below the line.
Take profit/exit trade when a bullish trend is ongoing; a lime green dotted line forms above the Instantaneous Trend Line Levels indicator line.
Sell Entry Signal
Open a short position when the Instantaneous Trend Line Levels mt5 forex indicator line turns deep pink while a pale violet red filling gets aligned above the line.
Take profit/exit trade when a bearish trend is ongoing; a deep pink dotted line forms below the Instantaneous Trend Line Levels mt5 indicator line.
Scalpers and forex day traders can use it as a standalone trading tool. You can also add it to your best-proven trading system or strategy.
How do you install the Instantaneous Trend Line Level Indicator on your Metatrader 5 trading platform?
- Download the mt5 indicator by clicking the “LINK” button at the bottom of this post.
- Copy and paste the Instantaneous Trend Line Levels mt5 Indicator files into the following folder of your Metatrader 5 platform: MQL5 > Indicators.
- You can open access to the folders this way: File > Open Data Folder > MQL5 > Indicators (paste files here).
- Restart your Metatrader 5 Client.
- Select the Chart and Timeframe where you want to test the indicator.
- Browse “Custom Indicators” in your Navigator, which is located on the left in your MT5 platform.
- Right-click on instantaneous-trendline-levels.mq5 and click “Attach to the chart.”
- You can modify settings if you need and then click ok.
- The mt5 indicator is ready and running on the chart.
In the archives, you will find the following Metatrader 5 files included: