AMA Optimized FX is a currency trading system that is designed for you by traders who intent to scan the market for trading opportunities all day long. Let’s take a closer look at how to spot buy and sell entries with this system:
MetaTrader 4 Indicators: CoeffofLine.ex4 (default setting), AMA_optimized.ex4 (default setting)
Preferred Time Frame(s): 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hour, Day
Recommended Trading Sessions: Any
Currency Pairs: Any pair
Buy Trade Example
Long Entry Rules
Initiate a buy in the market if the following indicator or chart pattern takes precedence:
- If the AMA_optimized.ex4 custom indicator forms blue dotted line that is mostly aligned below the candlesticks, price is said to be pressured higher i.e. a buy signal.
- If the CoeffofLine.ex4 custom indicator forms blue histograms that are aligned above the 0.00 signal level, the market sentiment is said to be bullish i.e. a buy alert.
Stop Loss for Buy Entry: Place stop loss below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit under the following conditions or rules:
- If the AMA_optimized.ex4 custom indicator displays a red dot on its line, it is an indication that bulls are leaving the marketplace and an exit or take profit is the right action to take.
- If the CoeffofLine.ex4 custom indicator’s blue histograms that were aligned above the 0.00 signal level (in view of the bullish trend), declines and gets realigned below the 0.00 signal level, it is a trigger to exit or take profit.
Sell Entry Rules
Enter a sell position if the following rules or conditions hold precedence:
- If the AMA_optimized.ex4 custom indicator forms red dotted line that is somewhat placed above the candlesticks, price is said to be pressured lower i.e. a sell signal.
- If the CoeffofLine.ex4 custom indicator forms blue histograms that are aligned below the 0.00 signal level, the market sentiment is said to be bearish i.e. a sell trigger.
Stop Loss for Sell Entry: Place stop loss above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit on order(s) if the any of the following does occur:
- If the AMA_optimized.ex4 custom indicator displays a blue dot on its line, as an indication that the sellers are leaving the marketplace and an exit or take profit is an appropriate line of action.
- If the blue histograms on the CoeffofLine.ex4 custom indicator gets realigned above the 0.00 signal level (following the downtrend that is enveloped in), it is a trigger to exit or take profit.
Sell Trade Example
About The Trading Indicators
The CoeffofLine.ex4 custom indicator is a versatile pattern matching technical indicator that is deployed in comparing actual price data with either specific chart patterns, or other price data.
The AMA_optimized.ex4 custom indicator on the other hand is a trend indicator that is built on moving average. Its dotted blue line represents a bullish trend, while the dotted red line signals a bearish trend.