Finding an indicator that trades a specific asset is not easy. Especially when that asset is gold. Trading gold can be very rewarding because it is highly volatile. However, the same volatility can lead to big losses. Therefore, it is essential to know the best places to enter your trades and exit. The gold level indicator does this well for you.
Features of the Gold Level Indicator
The gold level indicator was made specifically for trading gold. It plots a pivot line on the chart with buy and sell levels. The pivot is a yellow broken line, while the buy and sell lines are green. Moreover, the indicator draws six targets for a buy position and six targets for a sell position. The buy target lines are blue, while the sell target lines are yellow.
Finally, the indicator writes these various entry and exit levels at the top of the chart, making inputting the prices while trading easier.
How the Indicator Can Benefit You
The Gold Level indicator gives straightforward buy and sell signals. Traders can buy when the price reaches the green buy line and sell when the price reaches the green sell line. Additionally, the indicator tells you where to exit your trades depending on what type of trader you are. Shorter-term traders like scalpers can use the first two target lines. Swing traders can use middle target lines, while longer-term position traders can use the farthest ones.
Indicator Setting Description
Alerts On: This input turns on or off the alert notification.
Drow Days: This input shows the number of days the indicator will draw.
Show Text: This input shows labels for all the levels.
Order: This input shows the best order size.
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