Forex indicators

Forex indicators are auxiliary tools necessary for decision-making in difficult moments, when the behavior of a currency pair is ambiguous. This section provides classification and reviews of new and proven indicators, describes how they work and the settings, gives examples of use. Beginners will be interested in the guide for choosing indicators.

Famous trader Alexander Elder developed many technical indicators and trading systems, which successfully operate in all markets, subject to certain rules, so today we’ll review old but reliable Elder’s indicator called Rays.

The beginners are often confused about this algorithm, since, on the one hand, it is common to call a single file or code an indicator, while on the other hand, it is referred to in singular in the description of the authors’ systems, but it actually consists of three elements: Bulls Power, Bears Power and exponential moving. In fact, there is no contradiction, because each part is useless separately, and the signals are relevant only in the aggregate.

Currency index indicator is the result of averaging the quotations of several pairs containing the necessary currency as the base or quote. Scope of these indices application is quite extensive – from analysis and speculation to portfolio investments, but first things first.

To be able to understand how to use the index indicator, it is necessary to answer the question: what is it? If you speak the language of statistics, it is the weighted average which characterizes the objective value of the currency. Before turning to strategies, let’s deal with theory first.

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