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Power of Side Indicator

Discussion in 'Forex Trading Software Arsenal. Powerful and Free.' started by FXTradingRevolution, Jul 8, 2016.

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  1. FXTradingRevolution

    FXTradingRevolution FxTradingRevolution.com Representative

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    If you have not read the thread "Important (please read first!) + TOC", please read it carefully before using this indicator. Thank you.

    We would like to introduce to you the second indicator called Power of Side. Based on our experience, it is a high-quality indicator that shows situations in the market where buyers or sellers are significantly strong. In case the market sentiment is neutral, meaning buyers and sellers are about the same, the indicator doesn't show anything. Thanks to this it is easy to explore when the market should be in an upside trend and when it should be in a downside trend.

    Below you can see how the indicator looks in a chart.

    [​IMG]

    The usage of this indicator is very simple. If the indicator shows the orange histogram, we can expect a downside trend in the market. On the other side, if the indicator shows the purple histogram, buyers are strong and we can expect an upside trend in the market. In case the indicator doesn't draw any histogram, neither buyers nor sellers are significantly strong and there is no clear direction of the market.


    How to trade with the indicator:
    There are a lot of possible approaches to trading with the indicator. It is possible to use the indicator in any time-frame and any market that you would like to trade. For example, you can use the indicator to market entries – if one side of the indicator is becoming strong. You can also use the indicator as a filter when using another indicator. In this case you should open trades only if the indicator is drawing the histogram. Last but not least, you can use the indicator for closing your trades – when the indicator stops drawing the histogram.


    Settings of the indicator:
    The setting of the indicator is very simple, because there is only one variable in the settings (period). The period variable is set in default to 8 and you can use this setting in all time-frames. If you set the period variable to a lower value, the indicator will react faster to the market changes. However, by doing this you are also increasing the risk of false signals. On the other hand, we do not recommend to increase the value, even if the indicator were to show much less false signals. However, the indicator can become too delayed when increasing the period value.


    The latest version 1.9 of the Power of Side Indicator:

    DOWNLOAD HERE


    We welcome any of your feedback, questions and improvement ideas in the support thread here!
     

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    #1 FXTradingRevolution, Jul 8, 2016
    Last edited: Aug 29, 2016
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