The Serpent trading system is a collection of technical indicators for MetaTrader 4, including GannHiLo-History, GG-RSI-CCI, and Ichimoku, that are used to identify trends and potential entry points for trades in the forex market.
It’s important to use it in conjunction with other technical and fundamental analysis and proper risk management when entering a trade.
Serpent Trading System Overview
This is a trend-following indicator that uses multiple moving averages to identify trends and potential areas of support and resistance.
The RSI and CCI are momentum indicators that help identify overbought and oversold conditions, while the Gann Grid helps traders identify key levels of support and resistance.
Lastly, the Ichimoku indicator is a trend-following indicator that uses multiple moving averages to identify trends and potential areas of support and resistance.
Serpent Trading System Explanation
The MT4 trend-following trading system includes the GannHiLo-Histo indicator, which is based on the Gann HiLo Activator and uses the difference between two moving averages to indicate the direction of the trend.
The Histo version of the indicator adds a histogram to the chart to make it easier to see the trend direction.
The GG-RSI-CCI indicator is a combination of three different indicators: the Relative Strength Index (RSI), the Commodity Channel Index (CCI), and the Gann Grid (GG).
Serpent Trading System: Buy Condition
- The GannHiLo-Histo indicator is showing a bullish trend, with the histogram bars red turns blue and pointing upwards.
- The GG-RSI-CCI indicator is showing oversold conditions, with the RSI line being below 30 and the CCI line being below -100.
- The Ichimoku indicator is showing a bullish trend.
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Serpent Trading System: Sell Condition
- The GannHiLo-Histo indicator is showing a bearish trend, with the histogram bars blue turns red and pointing downwards.
- The GG-RSI-CCI indicator is showing overbought conditions, with the RSI line being above 70 and the CCI line being above 100.
- The Ichimoku indicator is showing a bearish trend.
