LeMan System Indicator
LeMan System Indicator For MT4 plots a channel using the highs and lows of past candlesticks. With entry and stop, it is a stand-alone forex trading system.
The LeMan System indicator for MT4 uses the high and low within the past “n” number of candlesticks to identify potential buy and sell forex trading signals. Furthermore, it plots a dynamic stop line to manage the entry signals and follow the trend. Since this forex trend following indicator provides entry signals and stop loss, traders can use this as a standalone trading system.
The indicator is a channel based visual trading system suitable for new and advanced forex traders. It works on all chart time frames and is suitable for short and long-term forex traders. Moreover, technical traders can use this to filter the bullish and bearish trading signals of other indicators.
LeMan System Indicator For MT4 Trading Signals
The indicator plots green dots for buy trading signals and red for sell signals. Additionally, it plots an upper red line that acts as resistance and stop loss line for sell signals. Similarly, it draws a lower green line as support and stop loss for buy trading signals.
The trading strategy is to enter a buy trade upon the appearance of the green dot. However, forex traders should confirm these signals only after it breaks the upper channel line. Traders can place a stop few pips below the lower channel line and book profits with a good risk reward ratio.
Similarly, upon a sell signal traders should open a sell position only if the price closes below the lower channel line. It is important to confirm the trading signals only if they close above/ below the lines to filter false trading signals.
Conclusion
In summary, the LeMan System indicator for MT4 helps forex traders with entry and exit signals. Furthermore, the indicator is free to download and easy to install.
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