Double Smoothed EMA (MTF) (FL) Indicator MT5: A Powerful Tool for Trend Trading

Introduction

In the world of technical analysis, moving averages are the backbone of trend trading. But not all moving averages are created equal. The Double Smoothed Exponential Moving Average (EMA) is a refined version of the traditional EMA, designed to reduce market noise while maintaining responsiveness to price changes. When combined with Multi-Timeframe (MTF) functionality and custom features from FL (possibly denoting a developer or special fork), the result is a highly adaptive and dynamic indicator for the MetaTrader 5 (MT5) platform: the Double Smoothed EMA (MTF) (FL) Indicator.

This blog post will delve into the core concepts of the indicator, how it works, its key features, benefits, best settings, and how to use it in real-market scenarios. Whether you’re a beginner or an experienced trader, this guide will help you unlock the full potential of this powerful trend-following tool.

What is the Double Smoothed EMA (MTF) (FL) Indicator?

Double Smoothed EMA – The Basics

The Double Smoothed EMA is essentially an EMA that’s been smoothed twice. While traditional EMAs use one level of exponential weighting to emphasize recent prices, the double smoothing process further reduces the impact of short-term volatility. This makes it particularly useful for filtering out price noise and identifying more stable trends.

Mathematically, a Double Smoothed EMA can be written as:

This results in a curve that reacts more smoothly than a traditional EMA or even a standard double EMA.

MTF (Multi-Timeframe) Capability

The MTF functionality allows traders to view higher (or lower) timeframe moving averages directly on their current chart. For example, you might trade on a 15-minute chart but want to see the 1-hour DS EMA to align your trades with the broader trend.

MTF indicators are excellent for top-down analysis, allowing traders to avoid trades that go against the bigger market picture.

What Does “(FL)” Mean?

While not officially standardized, “FL” may denote a custom version or fork, possibly coded by a developer or derived from a specific community (such as ForexLines or a specific MQL5 coder). It generally includes:

Custom alerts
Visual styling enhancements
Expanded MTF options
Extra smoothing filters or input options

Key Features of the Double Smoothed EMA (MTF) (FL) Indicator

Double Smoothing Logic
- Removes minor fluctuations while keeping the trend clear.
- More reliable signal generation for medium to long-term trades.
Multi-Timeframe Integration
- Analyze the higher timeframe moving average directly on the lower timeframe chart.
- Align entries with the broader trend and reduce whipsaws.
Customizable Parameters
- Adjust smoothing periods, shift values, and the type of applied price.
- Choose different timeframes for MTF display.
Color-Coded Trend Display
- Changes color based on slope or trend direction.
- Easy visual identification of bullish or bearish conditions.
Sound, Popup & Email Alerts (Optional)
- Get notified when a trend change is detected or price crosses the indicator line.
Non-Repainting (in most configurations)
- Critical for backtesting and real-time reliability.

How to Install the Indicator in MT5

Download the .mq5 or .ex5 file from a reliable source or MQL5 marketplace.
Open MT5, go to File > Open Data Folder.
Navigate to MQL5 > Indicators and paste the file.
Restart MT5 or refresh the Navigator panel.
Drag the indicator onto your desired chart and adjust settings.

Best Settings for Different Timeframes

The beauty of this indicator is in its customizability. Here are some common configurations:

Timeframe	DS EMA Periods	Higher MTF Used	Purpose
M5	14, 14	H1	Scalping with trend alignment
M15	20, 20	H4	Intraday swing trading
H1	34, 34	D1	Day trading based on daily trend
H4	50, 50	W1	Position trading
D1	100, 100	—	Long-term trend detection

Pro Tip: Start with symmetrical smoothing periods (e.g., 20 and 20), then experiment to suit your strategy.

How to Use the Indicator in Your Strategy

1. Trend Confirmation

The indicator helps confirm trend direction by observing:

Color changes: Green for uptrend, red for downtrend (if configured).
Slope direction: A rising DS EMA means a bullish trend.

Before entering a trade, ensure the price is on the correct side of the DS EMA and the line is sloping in your trade direction.

2. Entry and Exit Strategy

Entry: Buy when price closes above the DS EMA and the slope is up; sell when price closes below and the slope is down.
Exit: Close when the opposite signal occurs or use a trailing stop.

3. Multi-Timeframe Trend Filtering

Filter trades by ensuring both lower and higher timeframe DS EMAs are aligned:

Trade only in the direction of the higher timeframe trend.
Avoid countertrend setups that may result in drawdowns.

4. Combining with Other Indicators

While powerful alone, the DS EMA (MTF) (FL) works well when combined with:

MACD or RSI for momentum confirmation.
Price Action or Support & Resistance for precision entries.
ATR for setting volatility-based stop-loss levels.

Advantages of the Double Smoothed EMA (MTF) (FL) Indicator

Reduces Noise: Excellent for trend identification in choppy markets.
High Accuracy: Dual smoothing decreases false signals.
Great for All Asset Classes: Forex, stocks, crypto, commodities.
Adaptable to Any Style: Works for scalping, intraday, swing, and position trading.
Beginner-Friendly: Easy to read and interpret.

Limitations and Things to Keep in Mind

Lagging Nature: Like all moving averages, it reacts to past price action.
Not Ideal for Ranging Markets: May produce whipsaws without trend confirmation.
Requires Optimization: Default settings may not suit all instruments or timeframes.

To counter these drawbacks, always use additional confirmation and backtest strategies before live trading.

Real-World Example

Let’s say you’re trading EUR/USD on the 15-minute chart. You load the DS EMA (14,14) and set the MTF overlay to display the 1-hour DS EMA.

You observe:

Price crosses above both DS EMAs.
The slope on both is upward.
RSI confirms bullish momentum.

You enter a long trade, set a stop-loss below the DS EMA, and ride the trend until a cross back below or a color change on the indicator. This high-probability setup avoids trading against the higher timeframe flow, improving win rates.

Where to Download the Indicator

You can usually find the Double Smoothed EMA (MTF) (FL) Indicator for MT5 on:

MQL5 Marketplace
Forex trading forums (with caution)
Developer websites offering free or premium tools

Always download from trusted sources and verify the authenticity of the file before installing it on your trading terminal.

Final Thoughts

The Double Smoothed EMA (MTF) (FL) Indicator for MT5 is a sophisticated trend-following tool that offers traders clarity, precision, and flexibility. With its advanced smoothing algorithm and multi-timeframe visibility, it’s ideal for navigating today’s volatile markets with confidence.

By integrating it into a disciplined trading strategy, you can enhance your edge and reduce exposure to false signals. Remember to combine it with other confirmation tools and practice proper risk management to make the most of its potential.

Double smoothed EMA (MTF) (FL) Indicator