At first glance, the Fx10 indicator may seem like a simple indicator in its calculations, but it is not, and the indicator is a kind of strategy that includes as many as five indicators, LWMA, SMA, RSI, Stochastic, MACD, which, when interacting with each other, draw at the price on the chart, a symbol that, when formed, can open trades. Such a symbol does not appear on all candles, but only on those where all the values of the LWMA, SMA, RSI, Stochastic and MACD indicators coincide, confirming each other's signals. The task of the indicator is to use symbols to indicate the optimal moment for entering and exiting the market. The indicator is suitable for any timeframe, as well as currency pairs.
Unlike many similar indicators, which include others, Fx10 has only one parameter in the settings. And in other sections of the settings, it can be changed the colors and thickness of its arrows.
- multiply standard parameters by a scale factor - a parameter that multiplies the standard parameters of indicators by a certain unit. The default value is 2.
Despite some differences in the settings of the Fx10 indicator from other similar ones, it generates signals according to the same principle as other arrow signals. That is, if all the calculation conditions match on a certain candle, then a symbol of a certain color appears above it, and in this case, the possibility of entering is considered into the market. And if after the opening of the trade a symbol appears above the new candlestick, then the previous trade.
Signal for Buy trades:
- A symbol should appear above the signal candle, colored in color with the growth value.
When such a symbol is formed on a certain candle, a long position can be opened, which should be closed after a new symbol appears on the chart, which will make it possible to open a new position.
Signal for Sell trades:
- A symbol should appear on the chart, the color of which indicates a fall.
After the formation of such a symbol above a certain candle, a short position may be opened, which should be closed when a new symbol appears above the candles, since in this case it is better to consider opening a new position.
The Fx10 indicator is based on the calculations of five standard indicators, however, this does not deny the possibility of false signals, therefore, in order to obtain more accurate market entry points, it is recommended to use it with additional indicators or advisers. And due to the fact that the indicator has only one parameter, and then, that he draws a symbol on the chart, as a signal, simple trading conditions are created.