HEIKEN PLUS is the only indicator you really need to be a successful trader , without in depth knowledge of the forex trading or any tools.
Also there is automatically trading MT5 EA available now: https://www.mql5.com/en/market/product/89517? with superb SL/TP management! and sky high profit targets ! MT5 ONLY !
For Metatrader5 version visit: https://www.mql5.com/en/market/product/83761?source=Site
Very suitable tool for new traders or advanced traders too.
HEIKEN+ is a combination of 2 indicators : normal Heiken Ashi and Heiken Ashi smoothed.
It sends signal when these two meet with signals and confirm the same trend.This is one of the best forex indicators I have used in 10 years of trading.
It's very reliable, smart and simple to use. Works on any currency and any timeframe, although I recommend 1 MIN /5 MIN or 4 HOUR /1HOUR
It can't get more simple than this:-sometimes on low timeframes arrows are too close together so the last rule about TP/SL cannot really be used,Green up arrow = you should open buy trade.
Red down arrow = you should open sell trade.
-HEIKEN plus offers clear signals when to open trades without you needing to calculate with numbers or any levels, no strategy needed.Just BUY and SELL when arrows appear , and close trade when opposite arrow shows up. And open the new trade based on last arrow.
In input parameters you can de/activate alerts and push notifications , and optimize calculation methods for the signals ( I don't recommend changing settings)----------------------------------------------------------------------------------------------------------------
Using stop loss and take profit may further increase your profits but it is not necessary. Sometimes its better to just wait for a trend to move with profitable way and close trade after some significant price retracement.
Example use of SL/TP :
Take Profit - should be set to 2*the distance of last opposite signal from current price. Example: green arrow shows up, you open buy, drag your TP level to a point where last red arrow was, and then drag TP level up again, by the same distance
Stop Loss - should be set to a same distance as a take profit.
in that case you can use rule about biggest candle on chart. TP and SL level should be set to a distance equal to largest candle size that you see on your current chart.
I understand that new traders will have no idea how to use SL/TP most effectively because there is lot of different cases ( low tf/big tf / strong trend/ no trend/ big breakouts)
and in all those cases we should use different rules about setting SL/TP,
but again I must highlight that trading by arrow signals rules is more important than SL/TP levels
(-*screenshots are from MT5 version)
