The Gioteen Norm Forex Indicator is a momentum based forex trading indicator. However, it alone is not enough to make trading decisions. It can be used to trade in any time frame with any currency pairs. This indicator might not be very useful for the beginner traders as it requires more experience with oscillator based indicators. Sometimes, traders need to be able to spot the divergence too. Beginner traders find it difficult to figure out the divergence in the market. It works best when it is combined with tools like moving averages, parabolic sar, Bollinger bands, etc.
When you install Gioteen Norm indicator in your trading platform, your chart should look like this:
Gioteen Norm is nothing more than a RSI look alike red oscillator (you can change the color of the oscillator). Basically it fluctuates in positive and negative territory. When the Gioteen Norm indicator is above the zero or in positive territory, the market is considered to be bullish and when the Gioteen Norm indicator is in negative territory, the market is considered to be bearish. As I have said before this indicator alone is not enough to make money. Use some trending indicators.
Buying Conditions Using Gioteen Norm.
– Market should be up trending.
– Place your long position when market rise to the positive territory from negative territory.
– Place your stop loss just below the recent swing low.
– Take your profit when the market dives into the negative territory from the positive territory.
Selling Conditions Using Gioteen Norm.
– Market should be down trending.
– Place your short position when market dives to the negative territory from postive territory.
– Place your stop loss just above the recent swing high.
– Take your profit when the market jumps to the positive territory from the negative territory.
Forex Indicators Download – Instructions
Gioteen Norm Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Gioteen Norm Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Gioteen Norm Forex Indicator.mq4?
- Download Gioteen Norm Forex Indicator.mq4
- Copy Gioteen Norm Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Gioteen Norm Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Gioteen Norm Forex Indicator.mq4 is available on your Chart
How to remove Gioteen Norm Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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