Madrid Ribbon Indicator for MT5

The Madrid Ribbon is a moving average–based trend visualization tool.
It combines multiple exponential or simple moving averages into a
ribbon structure that adapts to market changes. The indicator highlights
trend direction, possible reentry zones, and areas where reversals may
occur.

Main features:

• Dynamic Trend Display – Multiple moving averages form a ribbon that reflects the current trend.
• Color Coding –
  • Lime: Uptrend
  • Green: Pullback or possible reversal warning
  • Red: Downtrend
  • Maroon: Peak or possible reversal warning
• Configurable Settings – Users can choose between exponential or simple moving averages.
• Clear Visualization – Designed for uncluttered display, with best results on dark chart backgrounds.

How it works:

• Several moving averages are layered to form a ribbon.
• Ribbon color changes according to the prevailing momentum.
• Pullback and potential reversal zones are highlighted to provide additional context for decision-making.

Possible applications:

• Identifying the prevailing market trend.
• Highlighting possible reentry points during pullbacks.
• Spotting areas where reversals may develop.
• Supporting trend-following strategies across Forex, cryptocurrencies, stocks, and indices.