FOREX EMPIRE INDICATOR

The 3 Main Indicators I Use

This is the second post in my mini series, I recommend that you read my first post here in order to put this article in context. There are 3 main indicators I use as well as 1 complimentary but useful indicator:

1. ValueCharts: This is a detrended price indicator which tries to show the overbought and oversold conditions with detrended extremity levels.  This indicator’s settings are default. Value chart basically just calculates the percentage move of the price from the current accumulative median. It has been around under different names since 1970’s.

Click here to download my value chart alerts: one, two.

2. Fibonacci retracements and projections: This is a tool part of every charting software. However, in order to use it with this strategy it has to be customized:

Using the Fibonacci drawing tool on Metatrader 4, we can set the parameters to provide retracement and projection levels at the same time, with just one line.
On your toolbar, click Insert, Fibonacci, and select Retracement.  Or click the Fib tool icon 
Draw a Fibo line anywhere on your chart and double left click on the line to make the Grab Points appear.  Right click on the line then click Properties.

DOWNLOAD INDICATOR HERE