This indicator was submitted by Mr. George. It is an intra-day trading tool traders. Sometimes it can be viewed as a scalping indicator but that is not the case. It takes time for the indicator to give its signals even if it may give several signals in a day.
This indicator is not limited for use in certain currency pairs. It was developed for use on all the currency pairs. The Forex MTN indicator also can be used on any of the time frames as the traders likes. The choice of the timeframe will depend on the number of times that the trader is willing to carry out and the profits that the trader is targeting. If the trader for example chooses to use a tight timeframe like the M15, he or she will receive more trading signals as compared to if he would choose to use the H1 timeframe trade. However, the trader will be trading for very short periods since he or she will be receiving period too often and some of those signals will be opposite to the previous ones.
The Forex MTN indicator is displayed on a separate chart below the main trading chart. The indicator displays green bars that correspond with the pre-calculated trend of each candle stick or bar that forms in the main trading chart. The green bars are the synchronized in a wave form that swings about a zero line at the middle. There are red and blue dots that form on the indicator chart bars. These dots are the trading signals.
Fig.1. The Forex MTN indicator inserted on the EUR/USD chart.
The vertical scale of the indicator’s chart has five levels which include -35,-12, 0, 12 and 35. The 12 and -12 levels are the most used to trade. However you can change the levels in the indicator customization window is you so desire. You can also add some descriptions of the levels so that it will be easier for you to use them during your trading. However even if you decide to change or alter the levels, you should consider putting your levels below the 12 and above the -12 levels.
Fig.2. The levels and color of the levels have been changed.also there is some description added on the levels.
How to use the Forex MTN indicator to trade.
When trading using the Forex MTN indicator, the trader should always look for the formation of the dots in the indicator’s chart. Then the trader is to wait for the start of the formation of the next candle in the main trading chart for him or her to place a trade. The red dot is the SELL signal while the blue dot is the BUY signal. The trader should not wait for an opposite signal to apper so that he or she can close the order but they should rather close the order once the wave crosses the zero level so as to be safe and always make profits.
Opening a sell position.
For a trader to place a sell order, the wave of the bars in the indicator’s chart have to be past or just about the -12 level and the red dot have to have been displayed. Therefore when you notice that the bars have crossed the -12 level, get ready for a sell signal and close the buy order if you have opened any.
Opening a buy position.
For a trader to place a buy signal, the wave of the bars in the indicator’s chart have to have cross the 12 level moving upwards. Then wait for the formation of the blue dot. Therefore the trader should close the sell order if there is any that is opened at the moment.
Examples of opening trades using the Forex MTN indicator.
- Trading the GBP/USD.
- Trading the EUR/GBP.
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