Forex Speedometer indicator is designed for trader who don’t want to wait long hours for proper market setup. It was made for traders that want to jump in and trade for profit immediately. This indicator will automatically draw oversold and overbought zones – below you can find instructions how to use forex speedometer:
Rules for buy signal:
Tick chart indicates oversold zone and trader can notice early signs of incoming upward move. Speedometer should reach 2.3 ticks per second or higher.
Consider exiting trade when tick chart indicates overbought zone and there are early signs of possible down move. Speedometer should fall below 1.5 ticks per second.
Rules for sell signal:
Tick chart indicates overbought zone and trader can notice early signs of incoming downward move. Speedometer should reach 2.3 ticks per second or higher.
Consider exiting trade when tick chart indicates oversold zone and there are early signs of possible upmove. Speedometer should fall below 1.5 ticks per second.
Note: indicator will work properly only on 5 digits brokers
The Forex Speedometer indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free MT4 Forex Speedometer Indicator
To download the Forex Speedometer Indicator for Metatrader 4 (MT4) for free just click the button below: