Forex Profit Boost indicator
It's no secret that to achieve stable profits, traders have to abandon intuitive trading and opt for systematic trading using various trading strategies .
With the emergence of a huge number of strategies, traders resort to desperate and unreasonable measures to achieve uniqueness in their approach, increasing the number of indicators in their strategies and creating highly complex algorithms.
Unfortunately, in practice, such strategies always prove unprofitable, because the more complex the rules and conditions, the less frequently you receive signals, significantly impacting your trading performance.
The Forex Profit Boost indicator is a complex trend-following tool that combines two trend indicators.
Indicators like Forex Profit Boost are a classic example of how a single tool can become an excellent trading strategy without the need for excessive indicator overload. Moreover, the trading rules are so simple that even a beginner can master them.
Installing Forex Profit Boost
Forex Profit Boost is developed for trading in the MT4 trading terminal, so to use the indicator, you must first install it on your platform.
To do this, download the indicator from the link at the end of the article and place it in the "indicators" folder of your terminal. To find this folder, open the trading terminal and go to the "File" menu and open the root directory.
After installation, it is very important to update the "Navigator" panel so that the Forex Profit Boost indicator appears in the list of custom indicators. After updating, drag Forex Profit Boost onto the price chart:
How the indicator works. Forex Profit Boost settings.
Forex Profit Boost is an indicator that combines a moving average and Bollinger Bands.
The principle of operation and information display is quite simple: if the price is above the moving average, the indicator draws a blue line; if it is below, the line is drawn in red.
You may also see a yellow color on the chart, which symbolizes a weakening trend. The yellow color appears when the price deviates from the Bollinger Band and shifts toward the center.
Regarding the settings, the indicator has only five lines, which can affect the tool's performance in one way or another. For example, in the MAPeriod line, you can set the moving average period, and in the MAMethod line, you can change the moving average type (exponential, linear, etc.).
In the BBPeriod line, you can change the Bollinger Band period, while in the BBDeviation line, you can set the deviation, and in the BBShift line, you can shift the indicator by a certain number of bars.
It's worth noting that the developers claim that the tool can be easily applied on five-minute and fifteen-minute charts. However, as our historical analysis has shown, to achieve this, you will need to optimize the tool's key parameters.
Signals. Application options.
When using the Forex Profit Boost indicator, signals can be roughly divided into aggressive and more conservative. Aggressive signals include market entries upon a trend reversal, specifically a change in the indicator color from blue to red for sells and from red to blue for buys.
These trades are exited upon a trend reversal, with stop orders placed at local levels. An example of applying an aggressive approach is shown below:
The second method, intended for conservative traders, is based on the market's tendency to pullbacks and then following the underlying trend.
The essence of this strategy is to identify the underlying trend, which is displayed in red for a downtrend and blue for an uptrend. Then, we wait for a pullback and the appearance of bars in the opposite color. After the indicator displays the color of the underlying trend following the pullback, the market is entered.
To understand the technique of this approach, see the image below:
In conclusion, I would like to note that both market entry options can be safely used, however, it is important to keep in mind that the aggressive approach involves greater risk, but also significantly increases profits.
A conservative approach to trading pullbacks is significantly less profitable, but trades are more accurate and the signals are stronger. It's also worth noting that Forex Profit Boost can be used as a trading strategy, but it's a good idea to use it with an oscillator.
Download the Forex Profit Boost Indicator
