FanSimple8 Indicator applies multiple moving averages for identifying the market trends and determining the crossover entries. The presentation of the indicator is quite simple and clear thus very easy to master for the newbie traders. Besides this magical indicator can be applied to all kinds of forex currency pairs in the market.
FanSimple8 Indicator can be applied to all sorts of timeframe charts available within the forex MT4 trading platform. Besides the entry signals, this indicator also defines potential trade exit areas using its crossover signals.
FanSimple8 Indicator Overview
Download and install FanSimple8 Indicator on your MT4 terminal. Once you’re done, find your chart like the image below:
Explanation
FanSimple8 Indicator applies a set of 3 moving averages with different parameters. Its 55-day moving average is used for determining the intraday market trends. Therefore, the price must be closed above the 55 MA for long entries and should remain below the 55 MA for short entries. For entry confirmation, we need to look for its crossover signals between 5 and 21 MA.
5 MA moves above the 21 MA represent the bullish crossover signal and considered as a confirmation for the long entry. For short entry confirmation, 21 MA value must be greater than 5 MA. Look for opposite crossover signals to your trade entries for determining potential trade exit areas.
FanSimple8 Indicator: Buy Condition
- Price candle closes above the 55 MA level
- 5 MA moves above the 21 MA
- Buy triggers when the above conditions are met
- Set stop loss below the current 55 MA level
- Exit long whenever 5 MA moves below the 21 MA
Also Read: XM Review – An Extensive Broker Review
FanSimple8 Indicator: Sell Condition
- Price candle closes below the 55 MA level
- 21 MA moves above the 5 MA
- Sell triggers when the above conditions are met
- Set stop loss above the current 55 MA level
- Exit short whenever 21 MA moves below the 5 MA
