To date, there is a huge selection of tools that are designed for any type of trade. The most popular species is trading from levels, so increasingly "perfect" indicators appear each year, among them "Goiler." It 's a great assistant when trading from levels.
Goiler indicator: what is it?
A goiler is a signal indicator. It is based on Gunn 's technique, which contains fan-shaped quotation lines. In the graph, the lines are rejected to the price values. Such a method is similar to the strategy "Three Elder Screens," where you also track (on the 2nd screen) the price correction.
Thanks to Gunn 's technique, you receive once a day an accurate signal for sale/purchase, as well as levels Take-Profit and Stop-Loss.
Goiler indicator: why need it?
This Forex indicator provides profitable entry points. Daily at 00:00 on northern time it transmits signals to purchase/sale and also points of Stop Loss and Take Profit are noted.
Explanation of lines of the indicator
A white line is an entry point that is displayed during the day. It is from it that the indicator is pushed back in its further calculations.
The green line is the first reference point for the Take Profit installation, or an indicator for moving the deal to break-even. The choice of using the line depends on your strategy.
The blue line is the second and final outcome of the sale deal. In principle, according to analysts, the price rarely reaches such a position, so it is better to break the deal into 2 parts immediately, fixing one half along the green line, and the second - to keep either until the second part is worked out, or manually close at the end of the day.
The red line is the level recommended to fix Stop Loss.
The orange line is the most variable of all the above. It displays the best zone to average.
How to trade with Goiler?
The Goiler index has the most profitable results for the currency pair EUR/USD.
Create a position on the white line (Entry1);
Put Stop Loss on the red line (SL) level;
Set Take Profit at Green Line Level (TP1).
Signal for purchase - the green line is above the white line.
Signal for sale - the green line is located below the white line.
To close the transaction with the maximum profit, you must wait for the price to head towards the exposed items. If the price continues to move in the opposite direction and reaches the orange line, it is necessary at the level of the Entry2 to create another warrant in the same direction.
The TP2 level is better used for partial closing of a transaction. For example, we specify Take Profit at the green line level for 60% of the position, and for the remaining 40% we move Stop Loss to the opening position and activate this part if the price continues to move in the right direction.
All the pros and cons of the Goiler indicator
Levels built in the first minutes of the day do not change during the remaining day.
A high prediction indicator that operates strictly on a single signal.
Easy to install and configure, because all indicator calculations occur automatically.
For the indicator to work successfully, you must manually set additional levels between the key levels.
Large stop loss signals create the possibility of risks, especially in situations with a rare signal.
In conclusion, using the Goiler indicator in conjunction with other indicators such as the "Three Elder Screens" indicator, you will be able to achieve more profitable results on the transaction.
We also recommend that you pay attention to the Bollinger lane indicator.