This indicator is based on moving averages, suitable for intraday traders. The indicator has a relatively good efficiency level of about 75%. It is an excellent indicator to trade with, especially if you are a Forex trading beginner. It does the work and gives you entry signals of when to place or close your orders, making trading easy and less hectic.
How does this forex indicator work?
The Urban Towers forex indicator is based on six moving averages, which vary in their shift factor. The shift factor is a parameter used in the moving averages to move the moving average line forward or backward by some value.
This indicator is a trend forex indicator. The increased number of fx moving averages serves as a way of eliminating false entry signals.
The six MAs are divided into two. Three upper forex moving averages and three lower moving averages. The three upper forex moving averages are aqua in color, while the three lower moving averages are green. You can always change these colors to match your colors of choice. The three upper moving averages usually move closely similarly, while the three lower moving averages are the same. Therefore all the three upper moving averages cross over the three lower forex moving averages.
Apart from displaying the fx moving averages lines on the chart, the indicator also shows arrows which are the main signals. The trader has to wait for chart arrows to show for him or her to place a sell entry or a buy order. Sometimes, the indicator may generate similar chart arrows following each other, which confirms the previous trend of the market prices.
Fig.1. The Urban Towers indicator.
The color of the arrows generated is either aqua or red. The aqua arrows show a downward trend, while the red arrows show a downward trend in market prices. When the chart arrows are generated, the indicator also draws the line at the level at which should place the order. This assists in identifying the actual forex market-level given the signal, thus helping the trader decide whether to place an entry order or not in case they were not on the chart when the signal. For example, you can log into the fx GBP/USD mt4 chart, and then after some time, you switch to EUR/USD. And then, once you switch to the EUR/USD, you notice a sell signal that gave a while ago. By looking at the line and the distance from the bar or the number of chart candlesticks that have formed from then, you should be able to decide whether it is worth it to place a sell entry or wait for another signal.
Using the Urban Towers forex indicator to place and close orders
Aqua color arrows – you should place a buy entry.
Red color arrows – you should place a sell order.
When placing any trades, you should avoid placing your trades when it is too late (if it is a long duration since giving the signal).
Also, it would be best if you used stop levels. It would be best if you used to take profits and stop losses at a ratio of 1:1. If you place your stop loss(SL) at 15 pips, you should set your take profit at 15 pips.
Fig.2. Placing orders using the Urban Towers indicator.
Urban Towers Forex Indicator Free Download