Market Reader is a forex trading system. This system is different from other systems because it is built with a foreign concept. The market reader is a reliable and robust forex trading system. This forex trading indicator updates you with the recent moves occurring in different time frames. The market reader lets you know whether the market is up or down, overbought or oversold, bullish or bearish start. By having mentioned information, you will be able to trade under any circumstances. Market Reader indicator will work effectively in higher chart time frames like H1 and H4. It might be a bit riskier to trade in smaller chart time frames like M1, M5, and M15.
While the Market Reader forex trading indicator is a reliable forex trading setup, you need to be careful while using it since it doesn’t have any other forex indicators to confirm the trade setups; you only need to depend on the little information that is displayed on the given indicator window at the bottom of the window. Market Reader generates the signal based on the color of the chart time frame that is displayed on the given indicator window.
There are six different nice colors you can see on the given indicator window. They are- dodger blue, red, yellow-green, green, aqua, and pink. These six colors have different meanings. Dodger blue indicates uptrend; red color indicates downtrend, yellow-green indicates overbought, green color indicates oversold, aqua color indicates the bullish start, and pink color indicates bearish start.
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When the Market Reader system is correctly loaded on your trading platform, your chart should look like this:
Using the Market Reader system, it would be best to decide which time frame to trade and see what’s happening during that time frame. Suppose you want to open a position in an hourly time frame. You should know the color of H1 on the market reader indicator. Enter only when the color of the H1 time frame is dodger blue or aqua. The Market Reader indicator should support your buying decision. Dodger blue or aqua color means the trend is up.
Buying Conditions Using Market Reader System
- Decide on which chart time frame you will be trading.
- Once you decide on the chart time frame, look for the pairs which show bullish signals.
- The market’s direction should be up for most of the time frame.
- Place your stop loss(SL) just below the recent swing low.
- Take your profit when the chart indicators change the color.
Selling Conditions Using Market Reader System
- Decide on which chart time frame you will be trading.
- Once you decide on the chart time frame, look for the pairs which show bearish signals.
- The market’s direction should be down for the majority of the time frame.
- Place your stop loss just above the recent swing high.
- Take your profit when the indicators change the color.
Market Reader Forex Indicator Free Download
