Forex Strategy Purple Strike Indicator for Free + Video!

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Forex Strategy: Purple Strike Indicator for Free + Video!

From time to time, I see an advertisement for an indicator called Purple strike. It is supposed to be a trend indicator, accurately showing changes in trends. For us, this is an ideal time to open a trade, isn’t it?

I thought it might be a good idea to write a review of this indicator because – who knows – some of you may see it, too.

Does it make sense to use the purple strike indicator? Isn’t it just another nonsense scammy system? We’ll talk about that.

How does the indicator work

Although created for Forex and CFD trading, I found the indicator beneficial also for the trading of binary options. I gave myself a few days to test it. The results are shown below.

If you want to use or just test the indicator you must first download the MT4 platform by Purple Trading. The platform itself is free of charge. The company, however, anticipates that if you decide to trade live, you will use their own platform including an account opened with them.

The initial setup suggests that the change of color into blue should encourage the trader to open a LONG position (i.e. to buy). Turning into red should indicate the closing of the trade. So far, this is a theory.

It wouldn’t be me if I didn’t modify the strategy a bit. Obviously, I used fibo and IB lines from the BERSI Scalp strategy in the graph, using the purple strike indicator as a mere filter. This means that if there is a bounce from an automatically generated line or display of the BERSI Scalp arrow and the purple strike strategy in the same direction I will open a trade.

Joint forces of the Purple Strike Indicator and BERSI Scalp – “Purple Scalp”

My results with Purple Strike

The result is not bad at all. After testing the strategy for a few days on a few trades, I cannot complain. It’s true that I didn’t use any more filters such as stochastic). What I tried was to simulate the behavior of a total novice i.e. who seeing a signal jumps headlong into the trade without thinking twice.

From time to time, you can see more than one signal in a row. With this indicator, it’s fairly simple to filter the rest and, when necessary, to carry out a trade.

On the right, you can see the displaying of three signals after the bounce from the 50% weekly line. The purple strike indicator is red, signaling a solid downtrend.

Based on the above, I opened all three trades. Guess what happened?

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Results of 3 trades using the “Purple Scalp” strategy described above.

Pros of purple strike indicator

  • The strategy shows minimum false signals.
  • When it does change colour, the chances are a new long-term trend is starting
  • There is no frantic repainting every second
  • It never repaints on closed candlesticks.
  • It efficiently predicts trends.
  • When it signals a trend, it isn’t affected by retracement.
  • It can often signal the whole trend, till the very end.
  • It can often identify a trend right from the beginning

The official video (see below) presents some advantages of this unique indicator highlighted and shown in a picture on the right.

My opinion on the above points is as follows: The “minimum false signals” is a nonsense. It sounds nice but makes no sense. Point two is the same. This phrase says nothing. Point 3 is fine but when used under the recommended setting (period of 5 minutes) it isn’t not as it says.

The comment “It never repaints” is true. I myself have never seen any repainting. Hopefully, I haven’t overlooked any. The next item about “When it signals a trend, it isn’t affected by retracement” is false, too. If you use the basic recommended setting the indicator often gets confused by retracement. The next two items about a trend being identified from the very beginning or till the very end contradict each other confirming what was said in the previous sentence. But when applied to a longer period, I agree it’s true.

Your experience

The above description is based on my personal experience with the strategy. What about you? Have you already seen any adverts promoting this trading method or, have you encountered the attached video?

All your comments and suggestions will be appreciated. And if you decide to test the strategy, let me know your results.


More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

One Response to “Forex Strategy: Purple Strike Indicator for Free + Video!”

Hello sir, in which session should I use this strategy. Also in what type of market it works best? Thanks

The 10 Best Indicator Combinations in Forex Trading

Identifying the best indicator combinations in Forex can help your trading strategy immediately improve. Technical indicators help traders analyze currencies, stocks, and other tradeable assets. With the right combination of technical indicators, you can predict whether a speculative asset is likely to increase in value. In today’s blog post we will discuss which indicator and indicator tool combinations are in my opinion the best in the field of Forex trading.

You, as the reader, are highly encouraged to add your opinion in the chat down below. There are certainly existing combinations that I have not mentioned. Please take a minute to let us and other traders know about your favorite indicator combinations. We also have training for the ADX Indicator.

Identifying the best indicator combinations in forex

For now, we’ll focus on technical indicators–later we’ll focus on price action trading strategies.. Price action reading and candlestick patterns always have universal importance, no matter what strategy or analysis is done. The below-mentioned indicator combinations are only considering indicators and tools, and price action and candlestick can always be added.

Second, of all, the post is only considering the best combinations of two (2) indicators or tools and nothing more. The chart is best served by keeping it simple, and it is important to avoid the paralysis of analysis via overcrowded charts. Some trading strategies will utilize three technical indicators, or even more.

The best trend indicator combinations in forex share the following characteristics:

  • Use an indicator and tool that provide information about trend & momentum, patterns, and support & resistance (read more here).
  • Use indicators and tools that have a different purpose. The value of any indicator or tool diminishes when they are used for the same goal. If you place 2 medium speed EMA’s on the chart and also the Ichimoku indicator, then this is using 2 indicators for the same purpose: trend identification.
  • Use indicators that support each other, have meaning and value for you and keep your charts clean and understandable. No matter what any trader says, the most important is that the indicators and tools make sense to you.

Indicator Combinations in Forex

The following are what I consider the best forex indicators.

Accurate Forex Indicator Combination that works for any trader.

Strike (entry, trend) & ATR (exit, momentum): the strike indicator is a great method of identifying the trend and spotting situations where the price is making a pullback and continuation. The strike tool also clearly shows where the entries are located via a painted candle on the chart. The strike is a great combination with the Average True Range (ATR) because the latter defines the exit zone and spot. Together, they help simplify the entry and exit plan with clear and concise rules and leave zero room for doubt. You can learn more about this method here:

Fibonacci (S&R, entry, exit) & trend lines (trend/patterns): the Fibonacci tool is very multifunctional as it can be used for entries, exits, support & resistance, and even some patterns (Gartley). Fibonacci tools are the best when a market is trending and NOT ranging and that is why trend lines are important. Trend channels help with identifying the trend, which helps traders avoid using Fibs at the wrong times in choppy markets. Trend lines are also instrumental when identifying patterns, like flags and triangles. These very same indicators can the best technical indicators for day trading.

Awesome oscillator (trend/momentum) & fractals (S&R, entry, exit): the awesome oscillator is a method of analyzing where the trend is by checking where the histogram bars are positioned in comparison to the middle line (on one-time frame higher than entry). The distance between the histogram bars and the zero lines also indicates the strength or lack of momentum. The fractals indicate simple and quick visualization of support and resistance and can help indicate the breaking point for entry when trading with the trend and momentum of the awesome oscillator.

Forex Trading Indicators: A method for precision entries.

Fibonacci (S&R, entry, exit) & moving averages (momentum/trend/patterns): this particular combination is similar to the Fibonacci & trend line pairing. The main difference between a moving average and the trendline is that a moving average is automatically plotted on the chart and the moving average is ‘dynamic’ as it adjusts its level with each new bar.

Trend Line Indicator

A trend line is a discretionary tool that is added to the chart by the trader themselves, like the Fibonacci as well. Also, the trend line is more ‘stationary’ as it will not change its angle due to a new candle. As a last note, the moving averages can be indirectly used for consolidation recognition when the indicator is angled flat (lack of trend).

Ichimoku Indicator

Ichimoku indicator (all): the Ichimoku indicator clutters the chart substantially, but it does provide many purposes in one overview. Quite remarkably, the indicator can be used for spotting trends, momentum, S&R, and some patterns. This is another one of those simple indicator combinations in forex that will really make a difference in your trading if you use it correctly.

Parabolic Indicator

Parabolic (momentum, S&R, entry, exit) & moving averages (trend/patterns): the Parabolic indicator is a method of identifying setups that are showing a potential break; whereas the moving averages can help identify the trend. By using the moving averages in combination with the Parabolic, traders are able to enter when a price has completed a consolidation and it is breaking for a further trend continuation.

The largest risk is a false breakout or reversal. Both dangers can be somewhat limited when using candlesticks and divergence. The parabolic SAR indicator is one that we believe is the most accurate forex indicator because it helps you get in right when the price begins to change. That is an extreme advantage.

Divergence Indicator

Divergence (momentum, trend) & trend lines (S&R, entry, exits): a divergence indicator like the RSI, MACD, or AO, provides valuable information on whether the trend and momentum have sufficient power for a trend continuation. A lack of divergence means that a trend has sufficient speed to maintain itself and trend lines can be used to take trends with the trend.

A chart where divergence is present means that trend trades are on hold and potential reversal trade setups are in the picture. Of course, the more divergence on a one-time frame and the more divergence on other time frames increase the likelihood of a reversal setup indeed materializing profitably. Divergence is a great indication that a price move is getting tired and that a change could be coming soon.

Conclusion – Best Indicators for Trading Forex

When trading it is always a good idea to get the best forex trading indicators that you can and understand the top indicator combinations in forex. Also, be sure you are using the most very accurate forex indicator. Also, be sure to read this article for the Best Combination of Techincal Indicators for other markets.

Thank you for reading!

Please leave a comment below if you have any questions about The Indicator Combinations!

Also, please give this strategy a 5 star if you enjoyed it!

(1 votes, average: 5.00 out of 5)

Our Free Trading Patterns

You can find the best trading patterns on this page. Also, you can visit some other webpages talking about Binary options strategies are for example: best-binary-options-strategy, where you can find strategies for trading 15 minute options or 60 seconds options strategies and more than that.
Check it out! However we fully recommend to test every trading pattern on a binary options demo trading mode first! Or create an account with IQ Option – their demo account si 100% free of charge.

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