Fiji Trend Universal Indicator
The Fiji Trend indicator can be useful for novice traders as it is very easy to trade according to its signals. And at the same time, their accuracy is quite high. The algorithm of this technical analysis tool is based on the readings of two popular indicators: ATR and MA. This combination of tools improves the quality of trading recommendations. The indicator can be used on any currency pairs and timeframes, so traders consider it to be universal. Pre-install Fiji Trend in MT4. We do it in the standard way.
The list of parameters in the settings begins with the Sound-Aler variable. With its help, you can enable or disable the sound signal, which notifies of a favorable market situation for opening an order.
Show-Price-Box - enable / disable the display of the current quote.
Ma-Price - this parameter allows the trader to specify the type of price that the indicator will use in its calculations.
Ma-Length - setting of the moving average.
Ma-Mode is a type of MA.
ATR-Length - ATR setting.
Money-Risk is a very important parameter. With its help, you can limit the amount of risk in trading.
To begin with, you can try to trade using the parameters that are specified in the default settings. If the statistics do not seem good enough, then some settings should be changed.
How to open trade deals
Fiji Trend indicator refers to arrow analysis tools. After processing the market data, it generates a signal and displays it on the chart as an arrow. Moreover, its color will depend on the direction of the intended order. If the indicator recommends buying, the arrow will be colored green, if selling, it will be red.
Stop-losses are placed at the level of the nearest extreme (when buying - this is the minimum, when selling - this is the maximum). As for closing deals, you can do different things. For example, we fix a profit when a signal appears in the opposite direction. But I would not recommend this option. It may turn out that most of the profit will be lost in anticipation of the opposite signal. You can also use a trailing stop or set a take profit that is 2-3 times the size of the SL. On a demo account, we test different options and choose the one that will demonstrate the best statistics. Moreover, testing in demo trading is in any case a prerequisite for any technical analysis tool.