Initially, the proposed indicator was developed to analyze price extremes, but in the process of modifications and improvements, it turned into a full-fledged trading system on trend reversals. The Eye indicator belongs to hybrid instruments: its calculation combines the assessment of price, trend strength and pivot levels.
Parameters and settings of the Eye indicator
The method for calculating key points is based on the analysis of fractals, and graphical constructions resemble the famous ZigZag. Not so long ago, the Forex Eye indicator was actively advertised and was successfully sold on the wave of excitement. Today it can be found on the net for free, versions 8.5 and 10 are considered quite stable - we will use them to illustrate the work on trading signals of the Eye strategy. There are a lot of parameters in the settings, but everything superfluous can be turned off:
The main markers of the Eye indicator for receiving trading signals:
- Large dots of yellow (by default) color or "Eye": the moment of a trend reversal (at least medium-term), a dot inside the red color ("Red Eye") - a bearish reversal (we trade only in BUY); "Blue Eye" - a reversal of the bullish trend (we trade only in SELL).
- Small blue dots (Hi) on top of the closed candlestick: local max, the first one after the Red Eye is a confirming signal to buy, then it is an indicator of the continuation of the bullish trend.
- Small red dots (Lo point) from the bottom of the closed candle: local min, the first one after the blue Eye is a confirming signal to sell, later it supports the bearish trend.
- Trend lines connecting "Eyes" of different directions.
Approximate view of the working screen of the Forex Eye indicator (according to version 8.5):
The information panel shows:
- trend assessment: directional (strong, moderate, weak) or flat (horizontal);
- time until the current candle closes;
- historical extremes (for 3 hours, 3 days, 3 weeks, 3 months) with an estimate relative to the current trend.
General view of the Eye indicator version 10 with basic reversal levels:
Forex Eye indicator: description of trading signals
The strategy tries to combine the signals of long-term and short-term extremes: the Eye point shows a global reversal (it is also called a swing), small dots of the corresponding color should confirm the trend. The moment of entering the market according to the Eye indicator takes into account three factors:
- the appearance of the Eye of the corresponding color;
- change the color of the sequence of Hi-Lo points (after the Eye);
- the general direction and strength of the trend - according to the information panel.
Trading assets: all currency pairs, stable futures in a non-speculative market. To open a position after the appearance of the Eye, at least one local extremum of the corresponding color must appear. The first StopLoss is set behind the Eye level (higher/lower), then it moves in accordance with the capital control methodology as the trading situation develops.
The Forex Eye indicator version 10 additionally shows strong reversal levels: support is blue, resistance is red. They can be used to set take profits,
as well as additionally control transactions when the price reaches the control level zone.
Advantages and disadvantages of the Eye strategy
Almost the only, but very significant drawback of the Forex Eye indicator is redrawing, which, frankly, is not entirely clear, given that the calculation is based on a fractal. As a result, the appearance of the Eye point and even the formation of the necessary local extremum after it does not at all mean a reliable entry point. If, after the entry conditions appear, the internal calculations of the indicator show that the next extremum is “more suitable” for the main pivot point, the Eye marker is quietly redrawn, and often in the opposite direction. So it is imperative to follow an open transaction and regularly fix profits. None of the versions of the indicator has been able to get rid of the redrawing effect, especially on small timeframes, which is why it is strongly not recommended to use the indicator on periods less than M15.
Using the Eye indicator during periods of speculative movements can cause entry too late, because the confirming local extremum appears too late, as a result, you can "hit" the same quick rollback. Experienced midtermers
may well use the Forex Eye indicator to control the global trend, but at the same time it is quite successful to trade corrections on a shorter period.
Conclusion
In general, the appearance of a global reversal point always makes it possible to correctly assess the situation and prepare for opening or fixing a deal. The Forex Eye indicator determines the basic reversals quite accurately, but to increase accuracy, it is still recommended to use it in conjunction with the Alligator and moving averages - to control the trend, and the popular Awesome Oscillator - to control the entry point. The main benefit of using the Eye indicator in such a trading system is that you will never get hung up on sideways trends, because all trades will be opened only on active movement.
Forex Glaz can hardly even be called an indicator, it looks more like a full-fledged trading template. This impression appears immediately, one has only to look at the schedule with the new program. The indicator is installed in the same way as the rest of its colleagues, that is, in the Indicators folder. We attach it to the chart of the currency pair, and then we begin to understand everything that is shown to us.
This indicator displays fractals, which helps to quickly navigate the chart. In addition, it calculates support and resistance levels, and also tries to calculate the probability of a trend continuation. Higher fractals are connected by straight lines, which helps to immediately determine the direction of the current trend.
On the lower right side of the screen, you can see the numerical value as a percentage, as well as the direction of the trend.
- UP Trend indicates that the uptrend is likely to continue
- Down Trend, on the contrary, informs about the likelihood of a downtrend continuation
Calculation of levels and trend direction
Forex Glaz calculates the levels, at the breaking of which a trend reversal becomes probable. These values are displayed as solid horizontal lines, one red and one blue. Given these levels, you can already assess the situation, as well as make a decision to conclude a deal.
On the chart, fractals are marked with several colors. The most significant of them (yellow) are connected by straight lines, and between them there are local extremes, which are more helpful in pipsing than in longer-term trading.
Trend lines connecting significant fractals indicate the direction of the trends.
The dotted horizontal lines on the chart are the support and resistance levels for the previous days. Perhaps they will be needed in the work of traders who take into account the events that take place before the current trading day.
How to use the Forex Glaz indicator
The use of the Forex Eye indicator can really be varied. For example, for trading with a trend, a convenient line of fractals, lines demonstrating trend directions, as well as data, programs that calculate the probability of continuing price movement will come in handy.
To set Stop Loss, you can use the significant fractal closest to the trade opening point. Moreover, it is necessary to take such an extremum from which we plan to move. That is, if a buy is made, then Stop Loss is placed right below the last down fractal.
For example, as shown in the picture below, when entering into a buy trade, it would be wise to place a Stop Loss under a meaningful level.
The market entry point can be searched for in various ways, but one of the options is as follows:
- determine the trend, in this example it is ascending (now we are only interested in purchases in order to trade with the trend)
- waiting for the formation of the lower fractal (yellow)
- then you can either open a buy as soon as a local extremum is formed (blue) or wait until the price moves slightly in the opposite direction after the appearance of a local extremum (as in the picture above)
Thus, a certain indent is chosen, for example, 20 points, which is counted from the last upward fractal. Take Profit is set to this market value. The amount of indent may vary depending on the volatility of the currency pair, as well as on the time frame used in the work.
The trading tool, which is the Forex Eye indicator, can be used in various options for working on the market. It can be used by scalpers, fans of medium-term and long-term trading, but the main thing is that Forex Glaz is designed specifically for working with the trend. A flat market is not suitable for this indicator.
The Forex Eye indicator, or, as it is also called, the all-seeing eye of Forex, is one of the most popular technical indicators that have shown their effectiveness in the real market, thanks to which it is able to see price reversal points in time and predict possible scenarios for the development of the situation on the market. This means opening or closing trading positions on time.
Forex Eye Indicator - Description and Use
Traders and programmers who created the Forex Eye 10 indicator tried to create a mathematical algorithm that could determine the start and end points of market trends, reversal levels, as well as extremes and lows of asset markets on the quote chart. And to be honest, they did a great job! At least, this is evidenced by the numerous positive reviews of real traders! This means that you, having downloaded the Forex Eye 10 indicator and taking it into your arsenal, will be able to trade many times more efficiently!
In addition to a detailed description of the operation of this indicator, you can download it for free a little lower right in this article, and applying it to the quotes chart, you will get a workspace like this:
Forex Eye indicator 10. Appearance.And besides the fact that we will describe in detail the operation of this indicator, and you can download it for free from our website, we will try to give you a description of the most optimal options for using it.
Searching the Internet for a description of the capabilities of this indicator, you will not find anything concrete about it, except that Forex Eye is an author's free-type indicator that automatically finds expected extremes and lows on the quotes chart, as well as price reversal points. Even the reviews of traders do not contain a specific manual for its use. Therefore, for our part, we will try to approach its description in more detail.
So, Forex Eye 10 is the latest version of a free technical indicator, in which its creators have corrected some errors in calculating extremes and price reversals. And now, traders using this technical invention have the opportunity to exclude chart sections with a flat from trading, and conclude deals at the very beginning of a new wave of quotes movement. That is, finally get away from trading drawdowns.
The new version of Forex Eye 10 has such advantages as:
- Display of information labels - "UP Trend", "Down Trend" and "Sideway Trend", which will allow the trader to determine the general direction of the movement of the quotes chart or to identify the presence of a flat price movement.
- Calculation of the moments when the price reaches critical values and timely notification of the user about the occurrence of conditions for concluding transactions.
- The division of price windows into zones depending on the price level.
- Calculation of the global and current price corridor, visual support of the ongoing trend and display of the emerging signal about a possible reversal.
- Sound and visual Alert, notifying the user about a change in the situation on the asset market.
And finally, why the Forex Eye indicator got such an unusual name. It's all about the graphical display of price reversal points, which the specified indicator displays on the quotes chart in the form of a yellow circle with a peculiar dot resembling the pupil of an eye. The red color of the "pupil" is a signal that displays the minimum, upon reaching which conditions for purchases appeared; and the blue “pupil” is an extreme point, after the appearance of which, you can sell.
Practical application of the Forex Eye 10 indicator
At its core, Forex eye 10 is a modified ZigZag indicator, which has additional “bells and whistles” added to it. If you have noticed, then all the "Eyes" of the indicator are connected by broken segments, and on the quotes chart there are added support and resistance lines for the current trading period (solid lines), as well as support and resistance of previous periods (dotted lines).
To operate the indicator in the real market, the user does not need any additional knowledge or extensive experience with the MT4 trading platform. You can install it in Meta Trader 4 using our . To directly use the Forex Eye 10 indicator, you only need to correctly recognize the signals it gives and be able to open and close transactions on the MT4 platform.
The main Forex Eye 10 trading signal, as you probably understand, is the appearance of “Eyes” quotes on the chart. If the eye appeared at the low of the price, this indicates the possible occurrence of an upward reversal point, that is, the emergence of an opportunity to buy. At the same time, in order to enter the market for a purchase, the trader needs to wait for the blue dot to appear above the candle, which will indicate the continuation of the trend that began after the reversal:
For sell trades, the indicator signals must be used in reverse interpretation.
At the same time, the levels of support/resistance displayed by the indicator should be used by the trader as estimated levels, upon reaching which the price is most likely to stop its movement or even turn around.
Combination of Forex Eye 10 with other indicatorsForex
I would like to add that Forex Eye 10 goes well with other technical indicators! As an example, buy-sell transactions can be concluded after receiving confirmation from the MACD indicator:
The vertical lines mark all entry points that were confirmed by the growth and decline of the MACD histogram
Also, Forex Eye 10 goes well with the Moving Average, the breakdown of the line of which will additionally confirm the development of an upper or lower trend in the market. We marked such places on the quotes chart with vertical lines:
The uniqueness of this indicator is confirmed by the feedback of real traders! In any case, its use will allow you to significantly increase the efficiency of your trading, and thus achieve the plans that you set for yourself in the Forex market!
When trading on the Forex market, traders use a variety of forecasting tools. One of the most popular is the Forex Glaz indicator, which allows players to predict possible events, open or close a deal. Its latest version has a number of features and capabilities, the correct use of which allows you to get huge profits.
Figure 1. Description of the Eye 10 indicator
Forex Eye 10 is difficult to attribute to trend tools, because it has its own direct aspects and features. It is used by beginners and experienced traders to determine the specific direction of a trend. In the latest version, the main errors of the source code were fixed, which made it possible to calculate price reversals as accurately as possible. If the program is used correctly, players can avoid deposit drawdowns by starting trading before the momentum is born.
A team of professional traders and programmers worked on the creation of the Forex Eye indicator, which led to the emergence of a perfect mathematical algorithm. On the chart, the user can highlight the start and end points of market trends.
The latest version has several advantages:
- Presence of information labels. There are three main inscriptions: "UP Trend", "Down Trend" and "Sideway Trend". It is by them that the trader determines where the trend is moving.
- Working with critical values. Using the program, namely the ability to automatically calculate the achievement of a turning point, a person can correctly enter the market.
- price zones. Several major price zones depend on the specific level.
- Alert. Available in sound and alarm versions. As soon as the situation on the asset market changes, Alert instantly informs the user about it.
- Additional functions. Using the program, a trader can quickly calculate two types of price corridors: global and current. There is a visual accompaniment of the accompanying trend right on the chart.
The name of the trading instrument is explained by the special principle of displaying existing points of direction change and price reversal. Using the program, the user sees several small yellow circles on the chart, and inside there is a kind of dot. This structure resembles the pupil of the eye.
How to set up the indicator?
The All-Seeing Eye gives the trader access to a huge number of instruments. For management, you do not need to have special education, skills or vast experience in MetaTrader. On any specialized site, you need to download the Eye indicator and install it in MT4. If a person encounters such advisers for the first time, he may be confused due to the huge amount of information.
Figure 2. Setting up the Forex Eye 10 indicator
The program has a huge toolkit, so its use may interfere with the work of other installed modules. Standard settings are often not suitable for already developed strategies. That is why you need to be able to manually change the parameters of Forex Glaz:
- ShowAlerts. The feature is disabled by default. If you change the value to true, new signals will be accompanied by sound messages;
- sendemail. An e-mail address can be entered in the corresponding tab in the program menu. Switching the function to true mode allows you to start the process of receiving all notifications, including each new marker on the chart, by email;
- display eye. By enabling it, the user can see the markers directly on the chart;
- HiLoDots. Using this parameter, the user can display Hi-Lo points on the chart. Already enabled by default;
- DisplayDSRSlines. Switching to true mode will allow the trader to display two levels for the past day: support and resistance;
- PlotPivots. If you enable this feature, Pivot levels will be used in the calculation.
This is only a small part of the main parameters of the program. They can be customized to someone else's or your own strategy. Features can be added or removed. The only drawback is that there is no sensitivity adjustment for the Forex Eye indicator.
Using a technical instrument in trading
Figure 3. Using Forex Eye 10 in trading
The main functionality of the tool resembles the ZigZag indicator, only Forex Glaz has an improved source code. First of all, it is necessary to pay attention to the direction of the trend, which can be growing or falling. In the first option, red dots will become a buy signal, blue dots are recommended to be ignored. In the second option, blue dots become signals to sell the currency pair, red dots are recommended to be ignored.
To install the program, do the following:
- Launch terminal.
- On the screen on the left, select "File", go to the "Data Directory" subsection.
- A small window will open. Go to MQL4, copy the indicator to the Indicators section.
- Restart the program.
- After choosing a currency pair, open its analyzed chart.
- This tool is located in the "Insert" section.
- Forex Glaz will be displayed on the chart immediately after clicking on "OK".
How to use the Eye indicator? It is important to take the time to study the "eyes" - the yellow dots on the chart. It is they who inform the player in the market about the possible moments when the trend will be reset.
Trading signals of the Eye indicator
Figure 4. Forex trading signals Eye 10
Already from the description of the Forex "Eye" indicator, it is easy to determine the main signal - the display of "eyes" directly on the main chart. A trader can buy an asset only if there are points at the minimum price. A person can enter the market when a small blue dot appears above the Japanese candlestick. It becomes a confirmation of the continuation of the trend that began after the reversal.
To sell an asset, you need to use a different principle of the indicator signals. Support/resistance levels will be displayed on the chart. The trader should use them as hypothetical levels: if they are reached, the price movement will stop a little or the direction will change.
What indicators are combined with?
Figure 5. Use with other indicators
To achieve the set goals, the user can use the Forex indicator for scalping "Eye" along with other proven tools. It is recommended to conclude a buy-sell transaction as soon as confirmation from MACD arrives. Installing a filter will significantly reduce the number of input signals, but their quality will increase.
Traders note the excellent collaboration with the Moving Average. If a breakdown of the line is fixed, this will confirm the development of a trend on one of the trends: upper or lower.
If you already have experience in trading, you should try experimenting with other technical tools. Choosing the right indicator based on trend tools along with Forex Glaz will improve your trading strategy. Even independent use of the indicator will increase the efficiency of trading.
Mechanical trading strategies are most in demand among experienced and novice traders in the foreign exchange market. There is nothing surprising in this, since technical analysis tools facilitate the work of a speculator, since the algorithm automatically determines the current signals. Accordingly, the investor simply needs to work out the setups generated by the program.
Unfortunately, not every instrument is able to form really accurate points for entering the market and exiting a trading operation. The Forex Glaz indicator deserves special attention. From the name it becomes clear that the algorithm is most often used in the course of trading in the foreign exchange market.
The algorithm shows the trader the current reversal points of the market trend, thus, the investor gets a unique opportunity to prepare for a new trend, i.e. open a successful trading operation.
The considered algorithm is used to determine the important maximum and minimum values at any time intervals. Key points are used for the purpose of subsequent construction of the Moving Average, which allows you to determine the optimal values for setting Stop-Loss, Take-Profit.
In addition, the received data often turn into turning points of the market trend, of course, such information will become an effective core of any trading strategy. Accordingly, the Forex Glaz indicator searches for such points and demonstrates these positions on the chart.
Functionality of the indicator "Forex Glaz»
It should be noted that the algorithm is equipped with many useful options. In addition to determining the reversal of the current market trend, the considered technical analysis tool calculates the time remaining until the close of the Japanese candlestick. The "Time Left" parameter is responsible for this function.
The cost graph in the course of forecasting is divided into several windows, depending on the cost levels. A useful addition is the fact that the chart displays information about the current market trend - the "Trend" parameter. This function determines not only the direction, but also the dynamics of the currently leading market trend.
The measurement of trend dynamics is expressed in digital equivalent - -100 to +100. For example, if a signal of a bearish trend with a speaker of 50-60 units appears in the lower right corner, then we can say that this is a fairly powerful trend, therefore, it can be trusted. However, when a 20-30 strength alert appears, the trend is characterized by little strength.
It is absolutely not necessary to sit at the monitor screen around the clock, tracking the direction and dynamics of the market trend; if necessary, you can set up an email alert. Definitely a very useful addition.
How to set the indicator "Forex Glaz» to your computer?
First of all, you need to download the archive, which contains all the files of the algorithm:
After that, you need to move the file called "Forex-glaz-v.8.ex4" to the root directory where the trading terminal is located. Place the file in a folder called "Indicators". After that, you need to restart the Metatrader 4 platform. Open the list of custom indicators and select "Forex Eye". Select a currency pair, then drag the established algorithm on the price chart.
Overview of the basic parameters of the Forex Eye indicator
It is advisable to leave the parameters of the technical analysis tool unchanged. However, if you have a ready-made strategy that requires different settings, then you can easily enter new values. Initially, three key lines are activated. As for the support and resistance zones, they are highlighted with blue and red segments. Experts recommend using time intervals greater than 15 minutes for analysis.
Interpretation of trading signals
A sell setup is considered formed when the yellow dot is clearly above the chart, and a bearish trend with dynamics from -1 to -100 is detected. If the yellow dot is located below the price chart, then this indicates a reversal of the market trend. The trading operation is closed on this signal or when the quotes reach the pending Take-Profit order.
To complete an acquisition transaction, cardinally opposite conditions are required. An upward movement of the value is visible, the yellow dot is located below the value graph, and the UpTrend indicator has a positive digital value.
In the event that a trader uses a scalping trading strategy, then in this case, you can focus on the presence of red and blue dots. When scalping, red dots are signals for acquiring an asset, and blue for selling.
To increase the accuracy of the Forex Glaz indicator, one more technical analysis tool should be used as an auxiliary filter. Practicing traders use a combination with the well-known Moving Average indicator or supplement the strategy with the Alligator algorithm.
Features of the formation of candles by the indicator "Forex Glaz»
"Time left" - this option shows the remaining time until the end of the formation of the candle. This feature should be used when certain elements of candlestick analysis are applied. As a result, the trader will determine the opening and closing times of the candle.
This technical analysis tool demonstrates the greatest effectiveness at time intervals from 15 minutes to 1 hour. The indicator signals price extremes and constantly determines new maximum and minimum price values.
Summary of the indicator "Forex Glaz»
Absolutely all versions of the considered technical analysis tool function on the basis of a similar calculation of trading indicators, the improvement concerns only the design and interface. If we are talking about versions 8.4. and 8.5. then they have increased the amount of information displayed on the screen about the market trend. However, the latest, version 10, demonstrated the greatest accuracy in the formation of key segments. There are also more recent modifications of the indicator, however, they are paid.
The developers of the Forex Glaz indicator claim that they have created a wave-type algorithm, but this is not entirely true, this tool is based on the well-known ZigZag indicator. And this means that the indicators are redrawn.
However, investors have found a solution to such a serious problem. It is necessary to transfer to one chart with several indicator lines at once, which have different input parameters. By the way, the presence of several indicators on the chart at once also provides additional filtering of false signals. In general, the algorithm can hardly be called supernatural, but it still demonstrates positive results.
