Secret Profit Levels Indicator
Secret Profit Levels is an incredible technical tool for providing buy and sell signals, suitable profit targets and stop loss. Suitable for beginners to trade a trending market.
Description
There is nothing covert about the secret profit levels indicator. It is designed to provide entry points, stop loss, and take profit. You only need to identify whether the indicator shows a sell or buy signal. Then enter the stop loss and take profit figures in your order. You can use the indicator to trade any instrument in any time frame.
How to Use the SPL Indicator
The indicator has two zones colored green and red. When the price breaks into the red zone, it is a tell-tale sign to sell. Similarly, the green zone represents a buy signal. Therefore, you want to wait for the indicator to break above the green zone line. For sell signals, you should enter when the indicator hits the line surrounding the red zone.
The indicator provides a straightforward exit strategy. It comes with a triangle that shows two price targets, take profit one and profit target two. The indicator also provides stop loss. You can, however, place stop-loss at the recent swing low or swing high.
Buy Signal
The buy signal occurs when the prices cross above the green regions. The stop loss should be below the recent swing low and swing high. Close half of the positions at the first take profit and the remaining half at the TP2.
Sell Signals
A sell signal occurs when the indicator crosses the red zone. Close half of the position when it hits the first profit target the other half at the second take profit level.
Trading Example
The chart shows the indicator mounted on the EURUSD price action. The indicator gives a sell signal. Notice the price is in the red zone, and the indicator gives you two probable profit target zones, as shown by the triangle around 1.04000. The second profit target is at 1.03800. The price tanks after the indicator provide a bearish signal.
With the indicator, you only want to examine the indicator color and the profit target given by the triangle and enter them in your order.
Conclusion
The secret profit levels indicator provides simple buy and sell signals. It goes a step further to identify and market two profit levels. You only need to check the position of the instrument’s price in the indicators. If the price is in red, literally, it means the price is plummeting. On the other hand, the green region is an indication that the price is rallying, and you should enter a long position. Set the profit at the set two profit levels.