Tango Line Forex Indicator applies a very simple technique to produce trend-following trading signals for its users. It accumulates past 20-period of price data, applies its specialized calculation method, and converts them into both trend & trade signals for its users. Besides, this indicator also demonstrates the possible stop levels for your open trade positions.
Tango Line Forex Indicator suits with all sorts of available forex currency pairs around the financial markets. Moreover, this indicator can be applied to trade in all kinds of timeframe charts within the forex MT4 trading platform.
Tango Line Forex Indicator Overview
After the installation of the indicator at the Metatrader terminal, your chart will appear like the following image
Tango Line Forex Indicator Explanation
The Indicator is combined with one Tango Line and two stop-levels surrounding the main indicator slope. Tango line plays the main role to identify the trend and the trade just as like as Moving Averages. Price closing above the Tango Line means the trend is bullish and closing below the line signals for the bearish trend of the market. For long positions, the lower band works as the stop level which means, price breaks below the lower band is a direct signal for the exit of long entries. For short entries, the upper band plays the stop-level part. Both these levels are dynamic and allow you to change or update your stop position based on the change in price-actions.
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Tango Line: Buy Conditions
- Price level holds above the indicator level
- A bullish bar forms right above the Tango Line
- Buy triggers at the break of the respective bullish bar’s high
- Set stop loss below the lower stop level
- Exit long/take profit whenever price breaks below the lower stop level
Tango Line: Sell Conditions
- Price level holds below the indicator level
- A bearish bar forms right below the Tango Line
- Sell triggers at the break of the respective bearish bar’s low
- Set stop loss above the upper stop level
- Exit short/take profit whenever price breaks above the upper stop level