Best Free Supertrend Indicator for MT5

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MetaTrader 5 (MT5) is one of the most popular trading platforms, and many traders use indicators to help with technical analysis. The Supertrend Indicator is a commonly used tool that provides an easy-to-read trend direction and potential buy/sell signals. It is based on the Average True Range (ATR) and a multiplier factor, allowing traders to quickly assess whether a market is trending or in a consolidation phase.

Here are some of the best free Supertrend indicators for MT5:

1. Supertrend by MQL5 (Official Market)

Source: MQL5 Market
Description: This is the standard and highly popular Supertrend indicator available in the MQL5 Market. It works by plotting a trend-following line above or below the price action, depending on the trend direction.
Features:
- Customizable ATR period and multiplier
- Clear buy/sell signal indicators
- Easy-to-use interface
Why it’s great: It’s a standard Supertrend version and works smoothly on MT5. It’s simple to apply and customizable.

2. Supertrend Indicator by Andy

Source: Available for free on various forums, including MQL5 Forum.
Description: This custom Supertrend indicator is popular due to its easy-to-read interface and ability to highlight trend shifts in the market. It’s often updated and modified by the trading community.
Features:
- Adjustable ATR period and multiplier
- Clean and simple chart overlays
- Alerts for trend changes
Why it’s great: The indicator is frequently updated by the community and works well for both scalping and long-term trend-following.

3. Supertrend (By Vishal)

Source: Available for free on the MT5 Codebase.
Description: Developed by Vishal, this free version of the Supertrend indicator provides customizable settings for ATR periods and multipliers. It also has the ability to show buy/sell arrows, making it easy for traders to interpret.
Features:
- Customizable ATR settings
- Buy/Sell signals
- Clean interface
Why it’s great: It’s free to download and has a user-friendly interface. The built-in buy/sell arrows make it easy for beginners to spot trade opportunities.

4. Supertrend (Free Version)

Source: MQL5 Codebase.
Description: This is a simple, free version of the Supertrend indicator. It doesn’t include advanced features like alerts or notifications, but it does the job of showing trend direction and potential entry points.
Features:
- Basic Supertrend functionality
- Adjustable settings
- Easy installation
Why it’s great: If you want a no-frills Supertrend indicator that simply shows the trend direction and potential reversal points, this one is straightforward and easy to use.

5. Supertrend Signals

Source: GitHub Repository or MT5 Codebase.
Description: This Supertrend version not only plots the trend lines but also sends buy and sell signals when the price crosses the Supertrend line. It’s an ideal tool for those who want automatic trade alerts.
Features:
- Automatic buy/sell signals
- Customizable settings
- Clear signals on the chart
Why it’s great: Perfect for traders who want an easy-to-read signal for entering and exiting the market without much analysis.

6. Supertrend with Alerts (by Alex)

Source: MQL5 Codebase.
Description: This Supertrend indicator comes with alert functionality, so you’ll get notified whenever the trend changes direction. It also has color-coded signals, which makes it even easier to spot trades at a glance.
Features:
- Alerts for trend changes
- Adjustable ATR period and multiplier
- Color-coded for easy interpretation
Why it’s great: The alert functionality is a huge advantage for busy traders who don’t want to watch the chart constantly.

How to Install a Supertrend Indicator on MT5:

Download the Indicator: Choose one of the indicators mentioned above and download the .mq5 or .ex5 file.
Open MT5: Launch your MetaTrader 5 platform.
Navigate to File > Open Data Folder: This will open the folder where all your MT5 files are stored.
Place the Indicator File: Move the downloaded Supertrend file into the Indicators folder.
Restart MT5: Close and reopen MetaTrader 5 for the indicator to appear in the Navigator.
Apply the Indicator: Drag the indicator onto your chart from the Navigator.

Conclusion:

There are plenty of free Supertrend indicators available for MetaTrader 5, and the ones listed above are some of the best options. Whether you’re a beginner or an experienced trader, these indicators can help you identify trends and make more informed trading decisions. Make sure to experiment with the settings (ATR period and multiplier) to suit your preferred trading style.