Round Price Ext Trading Indicator for MT4/MT5 is designed to suit various trading styles, whether you’re a short-term scalper or someone who holds trades for several days. A key feature is its use of a T3 smoothing algorithm, which many traders find to be a significant step up from traditional moving averages because it aims to be faster while reducing lag and the likelihood of false signals (whipsaw). It truly shows its strength in trending market conditions.
If you’re looking for a tool that gives a clean visual layout of market momentum without overwhelming your charts, the Round Price Ext Trading Indicator for MT4/MT5 might be just what you need.
Indicator Description
At its core, this indicator plots seven T3 moving average lines directly onto your MT4/MT5 chart, each distinguished by a different color:
- Gold
- Red
- Green
- Light Blue
- Blue
- Pink
- Purple
The standout among these is the RED LINE, which acts as your primary signal line; all trading decisions revolve around its behavior relative to the other lines.
This indicator is considered suitable for both new and advanced forex traders and is designed to help identify and follow trends across various trading horizons, including intraday, short-term, and long-term. It can also be a component in formulating automated trading strategies.
Round Price Ext Indicator Installation
1. Unzip the file you’ve downloaded.
2. Find the file that is called “RoundPrice-Ext.ex4.ex4″/”round-price-ext.ex5″ and copy it.
3. Open your MT4/MT5.
4. Go to “File – Open Data Folder – MQL4/MQL5”.
5. Paste the file into the “Indicators” folder.
6. Restart your MT4/MT5.
After the installation, your trading chart will look like this:
Basic Trading Signals
Buy Signal
- Signal: Wait for the red signal line to decisively cross above all the other six T3 lines. This crossover suggests that strong bullish momentum is building.
- Entry: Enter a buy trade once this crossover is confirmed on a closed candle.
- Stop-Loss: Place your stop-loss below the last significant swing low.
- Exit/Management: You can manage your exit by trailing your stop-loss or by using the opposite crossover signal (when the red line crosses below the others) as your final exit point. To maximize potential profits in a trending market, consider holding the position as long as the trend remains favorable.
Sell Signal
- Signal: Look for the red signal line to cross below all the other T3 lines. This movement indicates that bearish momentum is likely increasing.
- Entry: Enter a sell trade after the crossover is confirmed on a closed candle.
- Stop-Loss: Place your stop-loss just above the previous significant swing high.
- Exit/Management: Similar to a buy trade, you can trail your stop or use an opposite crossover (red line crossing above) as your signal to exit the trade.
Some Tips for Better Results
- Combine with Support & Resistance: A trade setup has a higher probability if the red line crossover occurs at a known support or resistance level.
- Avoid Sideways Markets: This is fundamentally a trend-following indicator. If the market is stuck in a range, you risk getting “chopped up” by false signals.
- Use Confirmation Tools: For stronger signals, confirm crossovers with price action analysis or candlestick patterns, such as a bullish engulfing pattern occurring at a buy crossover.
My Conclusion on the Round Price Ext Indicator
The Round Price Ext Trading Indicator for MT4/MT5 is presented as a tool that can fit seamlessly into various trading strategies. Its non-repainting nature and straightforward approach are highlighted, as it focuses on clearly showing when a genuine trend appears to be forming. If you’ve found other indicators to be too laggy or overly sensitive, this one might offer a good balance.
P.S. Have problems with installation? Email me at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!
P.P.S. Check out software by Altra Forex Group here
