The Satanic Forex V5 Indicator Trading System is a universal forex strategy, as you can utilize both trend-following and swing trading. It plots two channels and uses their crossover to find the market’s possible entry points and swing levels.
The Satanic Forex V5 Indicator Trading System fits all kinds of timeframes and forex currency pairs. It is displayed directly on the main mt4 trading chart. The default settings are good but can be modified. Feel free to test it with the settings and parameters to fit your preferences.
How to trade with the Satanic Forex V5 Indicator Trading System?
The Satanic Forex V5 Indicator Trading System consists of three-four elements, which are the following:
- Snake & T3 EMA: Snake is the yellow line, a 6-day MA calculated using the high-low method. It moves faster than the white line of the T3 Exponential Moving Average. When the yellow Snake is above white T3 EMA, it is considered the bullish crossover. Conversely, the crossover is considered bearish when the yellow Snake is below the T3 EMA.
- Gelang Setan: Gelang Setan is a dynamic price channel. On the chart, you can see its bands as green dotted lines. These bands outline possible overbought/oversold levels of the market. Its lower band represents the oversold level, and the upper band is the overbought area of the market. You can use these levels for early take profit levels.
- Jin Tomang: This indicator puts orange and red dots on the chart. It helps identify Snake and T3 EMA crossover, as the indicator draws a dot whenever it happens—Orange for a bullish crossover and red for a bearish crossover.
Buy Signal
Follow these steps for a long trade:
- The background is a dark green color.
- The Snake / T3 EMA moves outside the Golang Setan channel.
- Jin Tomang puts an orange dot.
- Buy-entry trade is opened after the above conditions are met.
- Set stop-loss(SL) a few pips below the last swing low of the market.
- Take profit(TP) or live exit trade whenever the price touches the opposite Golang Setan channel band or the background changes color.
Sell Signal
Follow these steps for a short trade:
- The background is red-green color.
- The Snake / T3 EMA moves outside the Golang Setan channel.
- Jin Tomang puts a red dot.
- The sell trade is opened after the above conditions are met.
- Set stop-loss a few pips below the last chart swing low of the market.
- Take profit or exit trade whenever the price touches the opposite Golang Setan channel band or the background changes color.
As always, to achieve better results, remember about proper money management. Learning discipline, emotions, and psychology to be an excellent profitable trader. It is a must to know when and when not to live trade. Avoid trading during bad times and market conditions like low volume/volatility, major forex sessions, exotic currency pairs, wider spread, etc.
How to set up the Satanic Forex V5 Indicator Trading System in MT4?
Installation Guide
Download the Satanic Forex V5 Indicator Trading System.zip archive at the end of this post, unpack it, then copy and paste the indicators files of the Satanic Forex V5 Indicator Trading System into the folder of the MT4 forex platform.
You can open this folder by clicking the mt4 menu options :
File > Open MT4 Data Folder > MQL4 > Indicators (paste here).
Furthermore, to run the Satanic Forex V5 Indicator Trading System, you need to copy the template file into the templates folder. To proceed, right-click on a chart, then Template > Open Templates, and then copy the Satanic Forex V5 Indicator Trading System. tpl file into that folder. Select the file and click Open to load the system on your chart.
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Bottom Line
The Satanic Forex V5 Indicator Trading System is worth adding to your trading collection. A good forex strategy will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, this forex trading system provides false signals occasionally. Its performance will vary significantly depending on market conditions.
