FX Multi-Meter II indicator
This is an indicator that shows the trader the trend in the 1 Minute, 5 Minute, 15 Minute, 30 Minute, 1 Hour, 4 hour and daily timeframe depending on the timeframe that you have chosen.
The main advantage of using this indicator on your chart is that this indicator offers information that in normal situations would need many indicators and charts which could cause clustering of your chart. It is planned to offer super meticulousness to the trade entries and exits.it also gives an instantaneous snapshot of the specific currency pair’s movement.
However, just by a glance you may think it trades for you due to its interface, but that isn’t right. It is not a trading robot. The only thing that this indicator does is to indicate for you everything that is taking place on your chart in a more elaborate form for you to understand and apply to trade.
The inputs of the parameters that you desire to view can be customized and change to fit your taste.
The indicators associated with the FX Multi-Meter II indicator
The FX Multi-Meter II comes with a stochastic oscillator’s graph for the one minute to the one day timeframe. Then it has a moving average that helps indicate the trend of the market prices. It also has a MACD that helps to show as the prices crosses the signal and the zero line.
Fig.1. FX Multi-Meter II display.
It has a parabolic SAR that gives the exit signal and also confirms when to enter a trade. There is also a William’s percentage range indicator graph that offers a fast movement and top notch predictive ability. This William’s graph is also used to identify the regions where the currencies or commodities are overbought or oversold.
It has a percentage decrease and increase bar so as to give a direct visual representation of the percentage rise and fall of the current market prices by comparing the previous for bars.
The indicator relies very much on colors and mainly the red and green. The red color shows a downward trend while the green color indicates an uptrend.
If you look at the display of the indicator you will notices that it shows the spread in terms of pips.
The reason of the many other indicators that this indicator incorporates is so as to give the trader a clear clue of the market trend and behavior.
Interpreting the FX Multi-Meter II indicator
Interpreting this indicator sometimes may seem hard due to the number of pieces of information that it displays. But on the centrally, this indicator displays nothing strange it’s just a combination of the very many indicators outputs that are organised and displayed in a more presentable manner.
However when using it you can follow the following summarized steps;
- First is identifying the general trend using the trend graph in combination with the PSAR.
- Then zero down to a short market term trend by using the MACD, PSAR and MA-X indicators.
- Go ahead to determine whether the current market level is overbought or oversold by using the William’s percentage range indicator graph. Using this you can also check if there are oscillation in the market.
- After checking all this you can then decide whether to buy or sell. This can be indicated by the green and red arrow color with the red indicating sell and green buy.
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