The forex sniper indicator is a Meta trader indicator that is used to detect the trends in the forex market. It is a popular indicator used to plot buy and sell signals in the market trend. It also detects the changes in the price actions, market trends, and buys and sells strategies.
FX SNIPER INDICATOR: –
It helps the traders to make accurate calculations and helps the traders in an easy and profitable trade. It draws the signals on the histogram chart automatically. It also detects whether the market is trending in a bullish trend or the bearish trend.
CHARACTERISTICS of forex sniper indicator: –
The Forex sniper indicator can use all the timeframes and it can also be traded with all the currency pairs. All the time sessions apply to this indicator. All types of traders can use this indicator e.g. beginners, advanced traders, and expert traders. In this indicator, distinctive coloration schemes are used. Green, red, blue, and black colors are used in this indicator. Blue and Green colors are used to detect the buying strategy and the red color is used to detect the selling strategy.
The black color is used to indicate the specific pip in this indicator. It is applicable for both short term traders and long term traders.it also uses doji star and hammer candlestick pattern in the indicator chart for simple measurement. It uses the hikkake pattern, morning star candlestick, and white soldiers for the complex market situation. It also detects the support and resistance levels through Fibonacci retracements, pivot points, and bottom levels.
BUY ENTER AND EXIT STRATEGIES: –
There are different rules for buy and sell entry. These rules are given below: –
- When a blue candlestick pattern is appearing in the market trend and a cyan upward-pointing arrow appears below the candlestick pattern then it is the time to place the buy entry for the available currency pair.
- When the blue line moves above the 0.00 level and the blue line is trending in the bullish trend in upward direction then the buy alert is important. Similarly, you can place the stop loss at that point to prevent the loss in the trade.
- When a magenta-colored arrow appears on the indicator chart and the arrow is pointing downward, it indicates the exit from the buy entry and also takes profits.
SELL ENTER AND EXIT STRATEGIES: –
There are different rules for sell entry. These rules are given below: –
- When a red candlestick pattern is appearing in the market trend and a magenta downward-pointing arrow appears above the candlestick pattern then it is the time to place the sell entry for the available currency pair.
- When the red line moves below the 0.00 level and the red line is trending in the bearish trend in upward direction then the sell alert is important. Similarly, you can place a stop loss at that point to prevent the loss in the trade.
- When a cyan colored arrow appears on the indicator chart and the arrow is pointing upward, it indicates the exit from the sell entry and also takes profits.
USES OF FOREX SNIPER INDICATOR: –
Forex sniper indicator is useful to detect the buy and sell rates in the forex market. It also tells that which time is best for buy entry and which time is best for sell entry. Forex sniper indicator uses different candlestick patterns to indicate the bullish and bearish trends. It also uses specific colors that help the traders in easy understanding.
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