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The SSL indicator is a special algorithm that was developed for trading during a certain market movement. In its calculations, the indicator uses moving averages, which make it possible to make its work more accurate and thereby increase its efficiency. The SSL indicator is displayed directly in the main price window graphics in the form of broken lines of two colors and directions, at the base of which dots of the same color appear. And thus, taking into account the current trend, which is determined by the color parameters of the dot, as well as the colors and directions of the line following it, a certain trade can be opened.
The SSL indicator is suitable for trading on absolutely all timeframes, with any currency pairs. However, to increase the profitability of the trade, it is recommended to use not too large or small timeframes, as well as pairs with moderate or high volatility.
Input parameters
The SSL indicator has only three input parameters in its settings, however, a small number of them does not affect the effectiveness of the trading algorithm in any way. The Colors section in its settings helps to determine the color gamut and thickness of the indicator values.
- Moving averages period - period of moving averages used for indicator calculations. The default value is 13.
- NRTR - parameter responsible for using NRTR in indicator calculations. By default, it is set to true.
- Horizontal shift of the indicator in bars - the value of the horizontal shift of the indicator values in bars. The default value is 0.
Indicator signals
The scheme for using the SSL indicator in practice is very simple. Before opening a certain position, the current trend is first determined, taking into account the color of the formed dot and the color and direction of the line that follows it. And accordingly, if the trend is up, then a long position is opened, and if the trend descending is short. The trade can be opened immediately on the signal candle, that is, the one marked with a dot.
Signal for Buy trades:
- A dot is formed on a certain candle, which has a color with a growth value. Immediately after it, a line appears, which also has a color with a growth value and is directed upwards.
Thus, after the formation of such conditions, a buy trade can be opened on the signal candle due to the presence of an uptrend in the market. Such a trade should be closed immediately after a new point appears on the chart, which will signal the possibility of opening new positions.
Signal for Sell trades:
- After the formation of a point with a falling value on a certain candle, a line is formed that is directed downward and has the same color as the point.
Upon receipt of such a condition, a short position may be opened on a candlestick with a dot, due to a downward market trend. The position should be closed after the next dot forms on the chart. This will indicate a possible change in the current trend, which will allow considering opening new positions.
Conclusion
The SSL indicator is a really accurate and efficient trading algorithm that allows trading with the trend. In addition, it is very easy to use, which is even suitable for beginners, as it can be seen in the preliminary practice on a demo account. Despite the fact that the indicator does an excellent job of working on its own, it can also be used in trading strategies with additional advisers, indicators and other tools, thanks to which the accuracy and thus the efficiency of trading will increase.
You may also be interested The NonLag Dot trend trading indicator for MT5
