In this post I will review the Lux Algo trading system that gives optional buy and sell signals for TradingView. TradingView is a social network for traders and investors on forex, futures and stock markets. It has live quotes, stock charts and expert trading ideas which you can use every day and have the ability to execute your demo and live trading with a forex broker.
If you are looking for a forex broker then you may wish to check out my best forex brokers for some inspiration. You can even get a free demo trading account if you wish to practice trading with Lux Algo until you become confident and produce consistent results.
Lux Algo can be used by both beginner and advanced traders. It is user friendly and includes setup instructions with trade examples for clarity on how to use it as the developer intended.
Lux Algo Trading Strategy
The Lux Algo trading system aims to try and cancel out the noise that can occur in the markets, especially with messy charts. It uses a built-in algorithm that will analyse the markets on your behalf and then send trading signals for you to decide if you want to manually enter and exit positions. I would personally be very careful with every signal and make sure I verify them with my very own technical, fundamental and price action analysis. I would not want to take signals without knowing exactly why I am entering a trade position.
Lux Algo v2 has been designed to run in TradingView. You can set it up on your platform charts on any trading instrument or timeframe that you wish. It can be used for trading forex, stocks, commodities, indices, commodities and more.
I would usually look to trade the most popular currency pairs such as the EURUSD and GBPUSD as I find that they tend to have the most liquidity which can lead to some good market movement. Furthermore, it can also mean they have some of the tightest spreads which would enable me to save on trading costs in the long term. This can be especially important if using a scalping trading strategy. Lux Algo v2 can be used for day trading and swing trading.
Again, I would consider using high chart timeframes of 1 hour and above as I find that these can help filter out some of the noise from the lower term timeframes. I would also only consider traders that I believe will present a positive risk to reward ratio, ideally of at least 1:3. This way, 1 trade will not wipe out consecutive winner.
You should of course implement a trading strategy and money management plan that is suitable to your own individual goals and preferences.
Lux Algo v2 has an automatic market scanner where you can get notifications for thousands of signals 24/7 across every major market with what the developers Discord bots.
Lux Algo includes a variety of technical indicators for your charts including:
- Lux Volatility (LV)
- Lux Oscillator
- Equalizer Band
- Lux Dashboard
The indicators can be combined to make a more complete trading system. To be honest, I am pretty confident that I could create a very similar trading strategy template by simply using the default indicators built-in trading platforms.
Lux Algo V2 can work with normal candles, however, the developer states that they would use Heikin Ashi candles to filter as much noise as possible with an improved ability to capture trends.
Lux Algo Summary
Lux Algo v2 is a manual trading system for TradingView that will require the user to have knowledge of the markets. As trading carries a significant element of risk, it is important to make sure that you understand the signals provided and perhaps trade on a demo account to begin with and see how you get on with the Lux Algo system.
Lux Algo is flexible and can be used on multiple instruments and timeframes whilst it can be implemented into short, mid and long-term trading strategies. You will certainly need to have a solid trading plan, discipline and excellent money management as you should with any trading system.
Lux Algo v2 includes the following:
- Access to Lux Algo V2 Scripts on TradingView
- Automated Market Scanners on Discord
- Signals & Alerts
- Free Lifetime Updates
- Cancel Anytime
- 24/7 Support
Whilst this is different from most trading systems I have reviewed primarily because it runs in the TradingView platform, I feel like it will require experience on the trader’s part as it is a manual trading system with signals that need to be assessed prior to trading. Furthermore, you could probably create a similar trading strategy using indictors already included with the TradingView platform, or the MetaTrader platform for that matter.
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.