The Sadukey indicator is an forex trading tool that combines two digital filters on a chart in order to give us an evaluation of the current trend.
The way it works is really simple, as it just puts various height rectangles over the candlesticks. The higher they are, the greater the strength of the trend is.
When there are blue color rectangles, it means that currently, the market is in an uptrend (bullish). When there are red color rectangles it means that currently, the market is in a downtrend (bearish).
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings to fit your personal preferences.
This indicator is also known under the following names:
- Sadukey V1
Trading Rules Explained
- Open long position when the rectangles turned from blue to red and the bar has closed – at the first bar with red rectangle.
- Place stop loss a few pips below first bar indicating long trade.
- Open short position when the rectangles turned from red to blue and the bar has closed – at the first bar with blue rectangle.
- Place stop loss a few pips above first bar indicating long trade.
Exit Trade / Take Profit:
- Close your open position when an opposite signal occurs, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
Copy and paste the sadukey.mq4 or sadukey.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Click the link below: