Float Indicator
A suitable Float indicator is identifier of the current trend.
Description
The float indicator is one of the market’s best trend trading technical indicators. It checks the previous chart history and analyses the current market trend. Essentially, the indicator draws the beginning and end of the current trend in a separate window below the price action. It also shows how long ago the highs or lows were detected. Moreover, the float indicator also draws DiNapoli and Fibonacci levels on the price cations. You can use the indicator to identify the market trend in long and short-term time frames for any currency pairs.
How to Use the Float Indicator
The idea of using the indicator is to determine the trend. So, you can use it to ride the trend, depending on when it started. The idea is to watch the indicator and wait for the current trend to end. Jump into the market at the beginning of the next trend.
Float Indicator Trading Example
The USDCHF is a good example of how to use the float indicator. According to the indicator information, the market low was 37 bars ago, and the high was 12 bars ago. Below the price action, a new trend is forming. You, therefore, want to open a position and ride the downward trend.
Conclusion
The float indicator is one of the best trend trading indicators. It shows the current trend starting and ending points. You only need to time the start of the next trend and ride its profitability.