Essential Trading Tools Series – Forex Indicators
At LTI, we firmly believe that you must learn to trade using price action first and foremost. Learn to analyse a naked chart to begin with and then you can utilise trading indicators to help you make a more accurate forecast.
best forex indicators are indicators which focus on price and can easily be back tested with fixed and tradeable rules. These technical indicators cannot automate trading for you but can provide you market insights to make the maximum profit.
Why use Trading Indicators?
trading indicators are lagging indicators that don’t really work on their own, with many traders really using them for confirmation rather than to help them make a positive trading decision.
best forex indicators in the market. They can be used as stand-alone trading indicators, but when combined they offer you a huge trading advantage.
*Note: Of course – like any tool -it’s not the job of the technical indicator to make you money. It is the job of the trader to use them correctly and to implement them within their trading plan.
Daily Trading Range (DTR)
Too often in trading, we’ve seen traders go for unrealistic targets. That is, targets that are outside the daily trading ranges of individual currency pairs. Understanding the daily trading range and its impact on currencies has vastly improved our trading performance – so we’ve set about to creating an indicator that would help you do the same. The Daily Trading Range indicator allows you to identify the predicted high and low of the day. Any position can be modelled to remain within these parameters as targets outside this range have a much lower probability of success.This software is perfect for matching significant daily levels and finding levels of confluence and is an invaluable tool for drastically enhancing performance.
Automatic Trend Lines
Trend lines are essential to identifying trend direction and momentum. Drawn correctly, they can also be extremely powerful tools for knowing when to get in the market, as well as when to get out. Drawing them incorrectly can be disastrous! .Never again will you have to question whether your trend line was drawn correctly with this tool. We have designed this tool to automatically detect trends for you — it will even plot the lines with 100% accuracy every time, leaving you free of doubt when identifying overall trends and even, identifying entry and exit points.
Based on an advanced Fibonacci pattern, this system enhances the Fibonacci pattern from being just an indicator, to being a complete stand-alone strategy in its own right. This strategy has been programmed to highlight exact market swings and areas in which trades are more likely to reach a specific price level. The software automatically loads the Fibonacci swings on to any time frame allowing you to see the market’s exact position in terms of retracement/extension, which enables you to quickly reach a decision. This provides precise target and stop areas and can be combined with other technical tools to further increase their effectiveness. It is available as both a manual and automated indicator.
Supply and Demand Zones
This indicator is phenomenal – it will enable you to slash the time it takes for identifying key levels of support and resistance on your charts. Markets consistently react to these levels, and knowing where they are is a vital component of success. Knowing where they are automatically, without any effort or input – now that’s PRICELESS!. With key levels drawn in for you, your main focus will shift from how to find a trade, to how to manage the trade instead.