This is one of the better trading tools (indicator) that a trader will ever get. It is one of the most prominent indicators on the internet today. Just as the name suggests, this forex indicator is designed to allow the forex traders to put trades and also enable them to close the trades early enough rather than in the other forex indicator, where if you wait for the forex indicator to give you an exit signal, you may end up making some losses all the time. This indicator is excellent and best for beginners and the forex gurus. When you have this indicator, you need not worry about forex technical analysis. This forex indicator does all the math and thinking. You only need to know what entry signal the indicator gives.
The indicator consists of a purple color dotted line following the market prices and an arrow acting as trading signals. The purple color dotted line is always ahead of the forex market; if the indicator predicts that the market trend is down, then the line will be above the chart candles that form and will be heading down. The same exact thing applies if the trend is up. This is the main feature that makes this forex indicator reliable when it comes to helping the trader is closing their trades. For example, suppose you had placed a sell order, and after your order registers a profit, the purple line moves below the candlesticks. In that case, you should withdraw (close) your order immediately since the indicator suggests a change in the market price trend.
Fig.1. The EntryExit Trend indicator is loaded on a trading chart.
The entry signals given by this indicator are in the form of arrows. The arrows can either be red or blue in color. The red color arrow shows a downward trend, while the blue color arrow shows an up trend.
How to open positions using the Entry-Exit Trend indicator
When using this forex indicator, the trader should place their order in the next candle after this forex indicator gives its signal. There is no need to check for a confirmation of the chart trend. Then after putting your order, you need not place stops(SL). But if there is any major forex news that you are anticipating, you may consider placing a stop loss(SL). For the take profit, you only need to close the open order when the opposite entry signal is given; if you had opened a buy, you close it when a sell signal is given.
Entry-Exit Trend indicator When to place a sell
The forex trader should place a sell when the red color arrow appears. The market order should be opened at the beginning of the second chart candle (the candle that forms after the color arrow appears).
Entry-Exit Trend indicator When to place a buy
The forex trader should place a buy when the blue arrow appears. The order should be opened at the beginning of the second candle (the candle that forms after the arrow appears).
Example of opened trades using this indicator.
Read More: NON-Repaint MT4 Indicator FREE Download
Entry-Exit Trend Forex Indicator Free Download
[…] Read More: Entry-Exit Trend Forex Indicator Free Download […]