FX Multimeter Indicator

The FX Multimeter Indicator uses multiple indicators to plot key info on the chart. In this guide, we’ll talk about what the indicator is and its trading strategy.

What is the FX Multimeter Indicator?

The FX Multimeter Indicator combines three indicators to create a trend detection system. It uses Moving Averages, Stochastic Oscillator, and the MACD to make this system.

The indicator starts with the current trend; Up, Down, and Steady. Next are the MACD signals. It shows signals in green and red. If there are down arrows, then the current trend is down. Conversely, if there are up arrows, the current trend is upward.

The next part of the FX Multimeter Indicator is the Moving Average Trend. It has a trend detector for 1min to daily. The green bars show an uptrend, while the red bars mention a downtrend.

The final part of the indicator is the Stochastic Oscillator signals. These signals are represented in the form of a meter on multiple timeframes.

If the meter is moving upwards, there is a strong bullish trend, while if the meter is moving downwards, there is a strong bearish trend. If the meter is halfway, then there is a neutral trend.

FX Multimeter Indicator
FX Multimeter Indicator

FX Multimeter Indicator Strategy

The FX Multimeter Indicator isn’t a traditional buy/sell or a trend-following indicator. You have to combine it with other forms of technical analysis, like adding technical indicators and looking for chart patterns or candlestick patterns.

For the trading strategy, you can use the Moving Average and then look at signals from both indicators to confirm the direction of the trend. For instance, if the price is above the MA, the FX Multimeter Indicator shows up arrows, the current trend is speeding up, the Moving Average trend is up, and the Stochastic meter is up too, you can take a buy position.

On the other hand, if the price is below the MA, there are down arrows, the current trend is speeding down, the MA trend is down, and the Stochastic meter is down, too; you can look for the short position.

The good thing is you can locate the signals on FX Multimeter Indicator for every timeframe. The indicator does indicate the market trend on the current bar.

Buy Signal

  • The current trend, MACD signals, MA trend, and Stochastic oscillator must be up.
  • Add an indicator for further confirmation.
  • Place a stop-loss at the recent low.
  • Set take-profit at the recent high, or exit when the trend changes.

Sell Signal

  • The current trend, MACD signals, MA trend, and Stochastic oscillator must be down.
  • Add an indicator for further confirmation.
  • Place a stop-loss at the recent high.
  • Set take-profit at the recent low or exit when the trend changes.

FX Multimeter Indicator Pros & Cons

Here are the pros and cons of trading with the indicator.

Pros

  • It can give useful information.
  • It works on all timeframes.

Cons

  • It doesn’t give buy/sell signals.
  • You have to apply other forms of technical analysis for further signal confirmation.

Conclusion

The FX Multimeter combines different trend-following indicators to present useful information. The indicator works best when you combine it with other forms of technical analysis.

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