Venom Indicators was submitted online by Mr. Jerome from France sent. This is a combination of two indicators; Venom A and Venom B indicators. These two indicators are independently functional but they have to be used together for the trader to get the best results.
The Venom A indicator is mainly responsible for displaying information on the main trading chart. This indicator displays the date, time, the currency pair being traded, the current price and the color of the buy and the sell signals. When you look at the left corner, you will realize that there are two texts; ‘BUY SIGNAL’ and ‘SELL SIGNAL’. The buy signal text is green in color hence showing that the signals that will be given by the Venom B indicator for the buy signal are green in color. In the same way, the sell signal text is red in color, showing that the signals that the Venom B indicator will be giving as sell signals will red in color. In actual fact this indicator has nothing to do with you placing your orders. It only lets you understand what the Venom B will be displaying.
Fig.1. The Venom A indicator alone.
The Venom B indicator on the other side is displayed on a separate chart below the main trading chart. It displays the signals that are given by other venom which are from Venom 1 to Venom 6. For each of this venoms the indicator shows the support and resistance levels (S/R LEVEL 1 and S/R LEVEL 2). Then below all these the indicator displays a positional bias which is the overall signal of each of the six venoms. Just as indicated by the Venom A, the color of the signals given by the six Venoms is either red or green. The signals are in form of arrows. The red arrow points down while the green arrow points up. Also the color of the dots that represents the positional bias are either green or red. In everything the red color shows downward trend while the green color shows an uptrend.
Fig.2. The Venom B indicator loaded on the MT4 alone.
Placing orders using the Venom indicators.
For you to place any order you have to get a signal from the Venom B indicator that is displayed below the main trading chart.
For the trader to buy all the six venoms have to have green arrows and all their dots have to be green also. This is the main thing to look for.
For the trader to place a sell, all the six venoms have to display red arrows. Then all the dots of the position bias have also to be red.
Venom Indicators Showing when to place the different orders.
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