Trading1Learn how to use the UBO indicator on Trading View for gold trading. Change settings and use 200 EMA to identify buy/sell positions. Don’t forget to like and subscribe for more helpful tips.
The Best Indicator in Trading View for Gold Trading
As a trader, it’s vital to have the right tools to help you make informed trading decisions. In this article, we will be discussing the best indicator for gold trading that you can use in Trading View. This indicator has been proven to be effective and has helped traders make more profits in their gold trading activities.
Overview of Indicator Setup
Before diving into the indicator setup, it is essential first to understand what a trading indicator is. A trading indicator is a mathematical calculation based on the market price and/or volume. It is used to identify potential market trends and help traders make informed decisions about when to buy or sell a particular asset.
The indicator we will be discussing today is called UBO, and it works only for gold trading. To set up the UBO indicator on Trading View, follow the steps below:
Step 1: Click on Indicators
On the Trading View platform, click on the “Indicators” option. This option is located at the top left corner of the chart where you are viewing the gold price movements.
Step 2: Type UBO and Click on it
In the search bar, type “UBO” and click on it from the list of results that appear.
Step 3: Change the Indicator Setting
Once you have selected the UBO indicator, click on the “Settings” option. You’ll see options such as “key value” and “ATR period.”
Step 4: Change Key Value and ATR Period Settings
For the key value, change it from 3 to 11.6. For the ATR period setting, adjust it from 10 to 90.
Step 5: Remove Trailing Stop at Moving Average Indicator
Click on the “Style” option, which is located just below the “Settings” option. Once it opens, find the “Trailing Stop” and remove it from the Moving Average Indicator.
Step 6: Use 200 EMA
The final step is to use the 200 EMA (exponential moving average) for trading. Open a buy entry when the buy label appears and the candle position is above the 200 EMA. On the other hand, open a sell entry when the sell label appears, and the candle position is below the 200 EMA.
It is crucial to follow the steps above, as this will help you to set up the UBO indicator correctly for gold trading. This indicator is useful in predicting price movements, and when combined with other technical indicators such as candlestick patterns and support/resistance levels, can help traders make more informed trading decisions.
Importance of the UBO Indicator for Gold Trading
The UBO indicator is a powerful tool for gold trading as it helps traders to identify potential market trends, both up and down. Any price trends that the UBO indicator identifies are highly accurate, which, combined with the 200 EMA, can help traders make successful trades more often.
One significant benefit of the UBO indicator is that it can help traders to reduce their losses. By understanding the market trends, traders can be able to avoid trades that could potentially result in losses. This makes the UBO indicator an essential tool for risk management in gold trading.
Another advantage of the UBO indicator is that it is user-friendly and easy to use. Even beginners can understand how to set up and use this indicator effectively.
Tips for Successful Gold Trading
While the UBO indicator is an essential tool for gold trading, there are some additional tips that traders can use to improve their chances of success. Below are some tips:
1. Research the Gold Market
Before trading gold, it’s important to conduct thorough research on the market. Understanding how the market works can help you make better trading decisions.
2. Develop a Trading Plan
Traders who have a trading plan are more likely to succeed in gold trading. Having a plan will help you make informed decisions and avoid impulsive trading behavior.
3. Use Risk Management Strategies
Successful traders know how to manage their risks effectively. Risk management strategies such as stop-loss orders and position sizing can help traders minimize their losses.
4. Keep Emotions in Check
Emotions can influence trading behavior in a negative way. Traders who can control their emotions and remain disciplined are more likely to achieve success in gold trading.
5. Stay Updated with Market News
Finally, to succeed in gold trading, it’s essential to stay updated with market news and events. This will help you make informed decisions based on the current market conditions.
Conclusion
In conclusion, the UBO indicator is a powerful tool for gold trading. By using this indicator in Trading View, traders can identify potential market trends with high accuracy, making it easier to make informed trading decisions. Traders who follow the steps listed above and use the UBO indicator in combination with other technical indicators will have a higher chance of success in gold trading. Remember to manage your risk effectively and remain disciplined while trading.
