If you’re looking for a functional forex indicator that will help you detect potentially interesting trading opportunities and thus improve your chances for success, your search is over! Allow us to introduce the Purple Bands indicator.
The Purple Bands indicator is a nocturnal creature that draws price levels every night at midnight for the following 24 hours. Developing the indicator, we paid attention to the generally known weaknesses of competitive indicators and tried to avoid them. As a result, the Purple Bands Indicator is unlike its competitors. It does not redraw any already drawn price levels.
The drawn price levels enable traders to detect overbought or oversold situations on the market and related subsequent decreases or increases. The accuracy of these predictions is as high as 80%.
In the video below, you’ll see how to put the Purple Bands indicator into action and how to use it.
When developing this indicator, we combined complicated with simple. Does that sound like an oxymoron? Not in the case of the Purple Strike Indicator! It draws the starting trading trends on the basis of complicated mathematical calculations in a completely understandable and simple way. We promise that you’ll get used to it in no time.
To give the indicator even more well deserved praise, this indicator was developed to avoid mistakes that we noticed with our competitors. The Purple Strike Indicator:
Does not perform redrawing on already closed candles
Displays minimal false signals
Does not furiously redraw colours every second
Frequently signals a trend from the beginning to the end
Once it signals the trend, it’s not affected by correction anymore
The indicator has been developed to withstand even the most extreme market situations and uses them to collect information. It has been designed to give users’ transparency and accessibility. Sure, the Purple Extreme indicator may not be the best-looking indicator out there, but has some serious muscle and that’s what extreme situations are all about.
Using 4 colours, Purple Extreme Indicator helps you distinguish extreme overbought or oversold market status:
Yellow – colour of the price level line.
Mint green – if the price level is found in this area, it means an overbought market and strong rising trend, with the probability of turnover and downward movement.
White – this is a neutral zone where the ratio between buyer and seller is more or less balanced. In the middle of this zone, there’s an intermittent zero line. crossing this line means the prevalence of buyers or sellers (depending on the direction).
Red – the price level in this colour area is distinguished by a strongly oversold market and a dropping trend, where a turnover may occur soon with an upward movement.
As we all know, nothing is perfect and that includes our Purple Extreme Indicator - thus, you should not rely solely on this indicator. However, that does not mean that by its use (or in combination with other indicators), you won’t gain a significant overview of the balance or strengths in the market On the contrary it shall be of great help for you to decide when to open or close a position.
How to work with this indicator and put it into operation? Find out in this video:
Every analytic working for major banks or financial institutions is carefully watching them, every trader who takes Forex seriously is focusing on them. Thanks to our Purple Levels indicator you won’t miss out on support and resistance levels neither! We have developed it in a way so that support and resistance are automatically drawn based on tracking of the massive amount of historical price levels data.
Main attributes of Purple Levels:
Automatically draws Support and Resistance levels
Can be used on any instrument and timeframe