Woodies Lnx Forex Indicator can be used as a confirmation indicator but it cannot be used a signal generator indicator alone. Well, here you cannot does not mean that you really cannot. You can still rely totally on this indicator but that might hurt you some times. This tool is suitable to catch the very short term momentum of the market rather than riding the whole trend. Sometimes, this indicator can be used for scalping but it is up to you on what time frame you use it.
Suppose, if you use this indicator on the daily chart, you might hold your positions for some days but if you use it in 5-minute chart, you might hold for few minutes or hours. When you install Woodies Lnx indicator in your trading platform, your chart should look like this:
This indicator consists of a red oscillator, a histogram, and the blue/red bars. The indicator moves in the range of -300 to 300. When the histogram and the oscillators are in the positive territory, it is an indicator of up trending market and you should be only buying in those scenarios and when the Woodies lnx indicator is in the negative territory, you should be looking for short positions only.
And you should also look in the median line bars which are green and red. When you see red bars, it is an indication of up trend market and you should be buying and you should be selling when you see series of red bars.
Buying Conditions Using Woodies Lnx Indicator.
– Market should be up trending.
– The red oscillator of the indicator should be in positive territory.
– The histograms of the indicator should be in positive territory.
– The bars of the indicator should be green.
– Place your long position as soon as above conditions are met.
– Place your stop loss just below the recent swing low.
– Take your profit when the histograms plunge to the negative territory.
Selling Conditions Using Woodies Indicator.
– Market should be down trending.
– The red oscillator of the indicator should be in negative territory.
– The histograms of the indicator should be in negative territory.
– The bars of the indicator should be red.
– Place your short position as soon as above conditions are met.
– Place your stop loss just above the recent swing high.
– Take your profit when the histograms rise to the positive territory.
Forex Indicators Download – Instructions
Woodies Lnx Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Woodies Lnx 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 Woodies Lnx Forex Indicator.mq4?
- Download Woodies Lnx Forex Indicator.mq4
- Copy Woodies Lnx 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 Woodies Lnx Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Woodies Lnx Forex Indicator.mq4 is available on your Chart
How to remove Woodies Lnx 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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