GOLD LEVEL INDICATOR MT4

• Gold is vaunted as one of the best assets for storing value and hedging against inflation. It’s also very profitable to trade gold on the forex markets. But trading gold is quite tricky due to massive volatility, which can wipe your account. Unfortunately, few tools are designed specifically for trading gold.

But here is the good news. As the name implies, the Gold level indicator for MT4 – Free download is a suitable tool for trading gold. It provides an ideal entry point and exit point when trading gold. The indicator provides suitable buy and sell points based on the market behavior. All you need to do is identify the pivot and wait for the market to hit the buy or sell points.

• The Gold Level indicator works well on any timeframe and is suitable for scalping and long term trading strategies. However, it works best only for gold trading.

How to Use the Gold Level Indicator

• Using the Gold Level indicator is pretty much straightforward. It displays pivot, buy and sell points. The pivot is pretty much the center stage in your trade. Simply buy when the market hits the buy point and sell when the market hits the sell level.
• The indicator provides as many as six targets (take profit) levels. This means that you will have six buy targets (BT1, BT2, BT3…) and six sell targets (ST1, ST2 and so on).
• The target levels are designed to fit different types of traders. The first buy target (BT1) and sell target will appeal to you if you are a scalper. The target levels are suitable for day traders depending on risk appetite, while the high target levels are suitable for swing and long term traders in general.

For trade exit, you can use the next resistance and support levels to take profits and recent highs and low for stop loss. Alternatively, use the 1:3 risks reward ratio.

• The chart above shows the price movement for Gold against the US dollar. The pivot is pretty much the center stage from where you should be observing the price movement in readiness to jump to a trading opportunity. If the market moves above the “buy” line, that is a clear buy signal. If the price crosses the sell-line, it is a signal for opening a short position.

In this case, the market moved upwards past the buy-line. You should therefore go long. Notice the first Buy target, which acts as a take profit, coincides with a resistance level. In fact, the market smashes the first target.

If you are a scalper, you could have closed the trade with profit. If you are a long term trader, you can lock in profit, move stop loss to break even or wait for the market to reach your take profit.

Conclusion

• The gold level indicator is one of the best indicators for gold traders. Besides providing buy and sell signals, the indicator goes a notch higher and provides the ideal profit targets. In fact, it provides several target levels to cater for both the scalpers and long term traders. It is a tool that you should have in your trading arsenal.