Forex Leprecon indicator – ready-made trading system
In the middle of the indicators there are those that are actually ready-made trading strategies. Put it on the chart and trade. They also include such a tool for analyzing the market situation as the indicator forex Leprecon. At the same time, the conditions for opening trading positions and profit taking are so simple that a trader of any level of training will be able to trade. There are no recommendations or restrictions on the use of the indicator. In other words, it can be used to profit from trading different currency pairs and on any timeframes.
Inset and Parameters of the Indicator
The forex Leprecon indicator is installed in MT4 according to standard instructions. If everything is done correctly, lines of different colors will appear on the chart. The analysis of the price location relative to these lines will allow to analyze the market situation and make an optimal trading decision. But it’s a little lower. And now let’s look at the parameters in the indicator settings:
All of them concern the design of additional information that is displayed on the price chart, and do not relate to the algorithm of Leprecon.
TargetLabelSize and StopLabelSize parameters are the appearance of the tablets, ArowSize is the size of the arrows. If you want the AudioAlert.
parameter to be activated when there is a favorable situation for opening an order
Opening trade positions
Before everything, let’s see where the price is relative to the red line. If below, we consider the possibility of opening trading positions only for sale. Accordingly, if the price is above the red line, it means that you can only buy.
After in the price movement we are interested in the moment when it approaches the green line and an arrow appears on the chart. This situation can be interpreted as the command “Attention!”.
After that, you can place a pending order at the green line level. The line of blue color should be directed downwards at sales and upwards – at purchases.
Indicator will also tell you where to place a stop order and take profit. To place the SL we use a red plate. It indicates the level at which this should be done. And for TP, a yellow sign.
Of course, losing orders will be in the process of trading. However, there will be fewer of them than the lucrative ones. But in order to get profit from trading with this indicator, first you need to test its work and collect statistics on a demo account. It’s a prerequisite.
Download indicator forex: