The Coron Forex Indicator is a straightforward indicator. It is a series of yellow, red, and green squares that indicate whether the trend is up or down. Coron Forex Indicator, which is suitable for most currency pairings and all time periods, is best used as a supplementary filter rather than as a solo forex trading strategy.
What is the Coron Forex Indicator?
The Coron Forex Indicator is a bespoke trading tool that appears in a secondary window below the main trading chart. The indicator displays yellow, green, and red squares to represent market uptrends and downtrends. This is a very basic forex indicator that works with most currency pairings and time periods. The Coron Forex Indicator may be used as a solo trading tool, but it is best used as an extra filter to your best-established trading system or approach.
Coron Forex Strategy
For every time range, the Coron Forex Indicator tracks the general trend of any currency pair. Coron’s indications appear in a separate window on your chart. Signals are simple to grasp, even for complete beginners. The green bars show that the market is rising, this is a buy indication. The red bars show that the market is declining, this is a sell signal. Range-bound markets are shown by the yellow bars. In the case of a ranging market, you could wait for a fresh signal or maintain your open position.
Buy Signal
The following could be your checklist for a buy trade:
- When the asset being traded is in an uptrend.
- When the Coron Forex Indicator draws the first green bar.
Once these two events occur, you could do the following:
- Open a buy position on the yellow square after the red square and the triggering bar have closed.
- Set your stop loss just below the nearest swing low.
- Set your take profit at the nearest resistance zone or exit trade when a green square appears.
- For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Sell Signal
The following could be your checklist for a sell trade:
- When the asset being traded is in a downtrend.
- When the Coron Forex Indicator draws the first red bar.
Once these two events occur, you could do the following:
- Open a sell position on the yellow square after the green square and the triggering bar have closed.
- Set your stop loss just above the nearest swing high.
- Set your take profit at the nearest support zone or exit trade when a red square appears.
- For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Coron Forex Pros & Cons
Pros
- This is a simple indicator which can easily be understood even by newbie traders.
- This indicator is suitable for many currency pairs and all timeframes.
- The Coron Forex Indicator functions well with a variety of trading types including scalping, day/intraday trading, and swing trading.
Cons
- The Coron Forex Indicator may not meet the trader’s expectations in a consolidating market.
- It takes time to get used to how to use it.
- Requires good money management and discipline.
Conclusion
The Coron Forex Indicator is a user-friendly indicator which is suitable by all kinds of traders, is easy to understand, and can be used to catch some good moves particularly in a trending market. The Coron Forex Indicator may be used as a stand-alone trading tool, but it is best utilized in conjunction with your best-established trading method or approach.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
