Open deals at the market at precisely the moment when the prices will go in the right direction – a talent and a great art. Not all traders, even among the most successful, can achieve such a result. How to determine the probability of a price reversal? You can use Ozymandias indicator created to filter the market noise.
Currency pairs: Any pairs
Timeframe: AnyRecommended brokers: , ,
Ozymandias indicator settings
1. Download the Ozymandias indicator at the end of the article.
2. Unpack the archive, extract from it Ozymandias.ex4 file and copy it to the folder Indicators of the MetaTrader4 terminal.
3. Run a terminal or restart it if it was running before.
4. After that, the indicator should appear in the list of indicators under Custom.
The Ozymandias indicator on the chart:
As any simple forex indicator, Ozymandias can not be considered independent trading strategy. It should be used in combination with other methods or as an auxiliary tool in your own trading system.
Ozymandias indicator trading signals
Traders using Ozymandias in trading, called it a unique, and there are a number of reasons for that.
- Ozymandias indicator allows you to trade at any timeframe. It gives good performance on a short timeframe, and so good at day trading and scalping.
- It specifies moments overbought and oversold market.
- It easy to use.
- It has the ability to cut market noise.
- It ready for all currency pairs.
- It protects against price reversals.
The Ozymandias indicator – is a trend indicator. Therefore, it profitable if we see at least a minimal market trend!
How to use Ozymandias indicator?
1 – As a tool to filter out the market noise. When the indicator determines the market noise, three of its lines are completely horizontal, without any inclination and vibrations.
2 – Auxiliary signal for the Buy opening. It is really only in the moment when the color changed from red to blue. Signal of the indicator is relevant for a few bars . This means the market is oversold, and soon it will be time to click on Buy.
3 – The opposite signal – for Sell. He appears when the middle line turns red. The market is overbought, it’s time to Sell. The signal is relevant at the time of the change of color and more over several bars. If the red color is present for a long time, then we pass it and waiting for a new signal.
Additional features of the Ozymandias indicator
Better not trade indicator’s signals immediately after the change of trend, because reversal signals requires serious confirmation.
- If we’re see signal and price below the top line of the indicator at this time, it a signal to potential price growth.
- Mirror the situation, if the price is higher than the bottom line. it a signal to potential downtrend.