Forex Indicator Pro

Forex Indicator Pro is an indicator that depicts buy and sell trading technique with arrows. The indicator appears as green and red signal arrows in the main chart window. The technique is simple to use and makes logic, as each buy indication is followed by a sell signal. The Forex Indicator Pro indicator can be used to enter and exit trades, as well as to add confirmation to other techniques and systems. The indicator also performs on all currency pairs (majors, minors, and exotics).

What is the Forex Indicator Pro?

Forex Indicator Pro is a nice indicator for predicting market direction and detecting trend reversals. It is simple to understand and utilize. You will need to know what the arrows mean. The Forex Indicator Pro is a non-repaint indicator that displays arrows to indicate buy and sell signals. The indicator was created specifically for scalping. However, the indicator can be used on a daily timeframe. The indicator, as the name implies, is mostly used for trading the forex market, but it also works on other instruments such as equities and cryptocurrencies.

Setting up the Forex Indicator Pro
Setting up the Forex Indicator Pro

Forex Indicator Pro Strategy

When the indicator shows a green arrow, you could initiate a buy trade. It is worth noting that the signals expire after three candlesticks. You may want to get into the transaction as soon as possible. When the indicators display a red arrow, it indicates a sell trade. The signal is valid for three candlesticks.

Buy Signal

The following could be your checklist for a buy trade:

  • When the asset being traded is up trending.
  • When a green upward-pointing arrow appears below the candlesticks.

Once these events occur:

  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when a red downward-pointing arrow appears above the candlesticks.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Forex Indicator Pro Buy Setup
Forex Indicator Pro Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When the asset being traded is down trending.
  • When a red downward-pointing arrow appears above the candlesticks.

Once these events occur:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when a green upward-pointing arrow appears below the candlesticks.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Forex Indicator Pro Sell Setup
Forex Indicator Pro Sell Setup

Forex Indicator Pro Pros & Cons

Pros

  • The Forex Indicator Pro can be used to identify the direction of the trend and possible trend reversal zones.
  • This indicator may hint possible areas to stack trades at trend continuation zones.

Cons

  • The Forex Indicator Pro may not meet the trader’s expectations in a narrow-ranging market on smaller timeframes.
  • This indicator may require some additional knowledge of price action to use optimally.

Conclusion

Although the Forex Indicator Pro provides fairly reliable trading signals, some false signals may emerge from time to time. You can use a filter to limit the quantity of misleading signals. The Forex Indicator Pro can be used as a stand-alone trading tool or in conjunction with your most successful trading system or approach.

Free Forex Robot