The algorithm in question is able to predict the turns of the price level quite efficiently, which will allow you to create successful positions and generate income. The signals of the algorithm under consideration are as simple as possible to understand, thanks to which it can be safely recommended to all beginners who are just getting acquainted with the foreign exchange market.
The Purple Mist indicator is a fairly versatile tool, as the signals it generates maintain an acceptable level of accuracy on almost any time frame and currency pair.
To download the Purple Mist indicator, use the link you can see below.
Download Purple Mist indicator
Purple Mist indicator. Optimization
The installation procedure for the tool in question is elementary. You don’t need any skills or experience to complete this task. After starting the considered algorithm, a window with its parameters will appear in front of you.
The described algorithm has the following parameters:
- Auto-Refresh. In this field you need to specify how often the described algorithm will update signals.
- “History”. This parameter is responsible for the number of bars from history that the described algorithm will take into account when performing all the necessary calculations.
- “Time-Frame”. This parameter is responsible for the time interval for which the described algorithm will generate signals.
- “Pr-Period”. In this field you can configure the period of the described algorithm.
- “Pr-Mode”. This parameter is responsible for the calculation method that the considered algorithm will use.
- “Pr-Price”. In this field, you must specify the type of price level that the described algorithm will use to generate signals.
The considered algorithm has a significant large number of adjustable parameters, but for its successful application it is sufficient to optimize only those mentioned above. Due to the fact that the described algorithm has a relatively small number of adjustable parameters that affect the correctness of its functioning, both a speculator with serious trading experience and a beginner can easily cope with the optimization process.
It is extremely simple to use the considered algorithm for making money on the foreign exchange market. You just need to transfer the Purple Mist indicator to the chart of the selected asset and perform the optimization procedure. Then you should wait for the next signal to appear and create a position in the desired direction.
As soon as the price level changes from red to blue, you need to create a buy position. When the candlestick color changes back, this trade must be closed.
After the color of the bar changes from blue to red, you should create a sell position. It is recommended to close this deal promptly after the color of the bar changes again. The best option is to use the described algorithm as part of a trading strategy. To learn how to correctly optimize and correctly apply the described algorithm, use a demo account. Only after accumulating the required amount of experience and skills, you can start trading with real funds.