Every currency trader around the globe needs and uses indicators to their very cause. It is one of the most useful and crucial tools of currency trading; it provides investors with the best entry and exit points of a trade. A similar tool or indicator as one may call it is the forex sniper indicator. It provides news updates through colors similar to others and works on all major trading platforms. Here is a greater insight into the intricacies of this tool and its working procedure.
Sniper Indicator – a knowhow:
The primary use of sniper forex is to trade or invest on the H1 timeframe. While it is compatible with all currency pairs, this indicator emits superlative results when operating on the GBP USD pair. Other than this, it also provides investors with notifications regarding changing price trends and monitors the market for any trend reversals. The following are few characteristics of this indicator.
• Sniper Forex uses MetaTrader as their base operative platform.
• It predominantly functions well in the Americans and European Sessions.
• Trading is done on the H1 timeframe.
• Operates on all major currency pairs (preferably GBP USD).
Strategic significance of sniper forex indicators:
While opting for any indicator, it is always crucial to make a comprehensive study of the areas where that indicator will find the application. For a trader, the primary significance of use refers to carving out profitable buying and selling signals. So, here is an in-detail review of the same:
1. Buy (Go long):
The sniper indicator represents a profitable buying position by changing its color to blue. This also reflects in the candlesticks of its histogram trend with a blue shade. Similar to other indications, once the sniper changes its color, it issues a warning or alert to make its users aware of a possible shift in market trend.
On the other hand, sometimes, all three trend lines in this indicator can change their color to blue. This signifies a sure occurrence of bearish trends and opens up strong buying conditions. During such a situation, investors need to set their cards right so as to provide their trades with the most profitable opening bids.
2. Sell out (Go short):
A sell signal in forex sniper indicator comes in the form of red. Both trend bars of this histogram also represent a red tint in such cases. This indicator prefers in setting the stop loss close to floor values of currency pairs.
In case of a bullish market, all three lines of this indicator change to red. This also sends an alert to its users via the MetaTrader app. As a result, every trader looks to close their positions on a profitable note.
Additional factors to ponder on:
The biggest advantage of using sniper forex indicators is their association with the MetaTrader platform. MT4 or ZMT5 is available to all users via a PC or smartphones and helps them to keep a constant track of their accounts.
Moreover, it also supports a demo account. Therefore, you as a trader can judge the feasibility of this indicator by trying out varying trading strategies. So, sign up with a reliable broker today and try out the efficacies of the forex sniper indicator with a demo account.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.