Lux Algo is a startup that develops feedback-oriented indicators for traders to use in developing cutting-edge charts for any market. On TradingView, the Lux Algo Premium suite includes three indicators that together form a “all-in-one” toolkit with hundreds of specialised capabilities for technical analysis. There is a thriving community of more than 50,000 active traders that you can connect with and learn from on Lux Algo’s Discord server, where you can also get the complete user experience.
All of the trading tools we provide are made with the user in mind, with the goal of providing fresh insights and an all-inclusive toolkit. Users often use a subset of our trading toolkits, alternating between the signals, candle colouring, dashboard data, automated alerts, setting optimizer bots, support & resistance, institutional activity, or a combination of these.
This article is a review of the TradingView add-on Lux Algo, which provides traders with customizable buy and sell alerts. Forex, futures, and stock market traders and investors may all find a home on TradingView, a social network specifically designed for them. You can use it on a daily basis to conduct demo and live trading with a forex broker, and it features real-time quotes, stock charts, and expert trading suggestions. Anyone, from rookies to seasoned pros, can use Lux Algo. It’s easy to set up and use, with clear instructions and trade examples provided by the developers.
The Lux Algo platform is compatible with TradingView’s free tier; there’s no need to upgrade to make use of the platform’s indicators. Through the email connection, you can also join the exclusive VIP portion of their Discord server, where they offer automated trading signals, optimization, and a comprehensive community experience, as well as lifetime updates to the products you use.
We hope that after reading this forexrobotexpert.com, you will have a better idea of whether or not this trading technique is right for you. I can see its potential, but it will require some work on the part of the user. That’s why it’s crucial to double-check every trade alert with your own market research to ensure you’re confident in entering the trade. If not, there will be more chances in the future.
Who created Lux Algo?
Lux Algo was created from innovation in the technical analysis sector with an intense focus on user experience & feedback. The new generation of investors have thousands of tools to select from and an endless quantity of data available at their fingertips. Many people may become overwhelmed and confused as a result of this. Through this user-driven iterative process, Lux Algo has created a robust, all-inclusive set of tools. Compatible with other apps, it facilitates better technical analysis for all traders. According to the company’s founder, Sean Mack: “The new Lux Algo v5 has many interesting new capabilities and a higher degree of customization than ever before. It’s certainly a first of its sort within the technical indicators space.”
What is the Lux Algo indicator?
Users can add a variety of technical indicators to their chart with the help of the Lux Algo Premium Indicator. These may be utilised independently or in tandem with the confirmation/contrarian signals.
Each of these indications is discussed in detail below.
A trend’s age is represented by its hue; darker shades represent longer-standing patterns. When an uptrend is identified, this cloud can act as support, and when a downtrend is identified, it can act as resistance. This is very useful for making precise inputs into trades.
If you select this feature, your chart will display a top and bottom zone that are tailored to help you locate price highs and lows in range or trending markets (however the indicator will still be more effective during ranging markets).Along with confirmation or contrarian indications, these locations may be good places to take profits or locate early entries.
The goal of the trend tracer, a type of trend-following indicator, is to provide a rough approximation of the prevailing trend in the price. The indicator will show green when an upward trend is present and red when a downward trend is present.
HyperTrend is a real-time indicator that uses linear regression to estimate the direction of the underlying trend in the price. Extra zones of support and resistance are shown. The HyperTrend would be detecting an uptrend if the line were rising, and a downtrend if the line were falling.
If activated, a basic “cloud” indicator will appear on your chart. The cloud’s hue indicates the direction of the trend it is now detecting; a blue cloud indicates an upward trend, while a red cloud indicates a downward trend.
What is Candle Coloring?
When working with bar charts or candlesticks, the user is given the option to customise the candle/bar body colour. Two of the three colouring modes use the signal processing techniques introduced here. Heikin-Ashi, Renko, Kagi, line break, point and figure, and range candle charts can all take advantage of candle coloration. A candle’s colour mode can be changed to any of the available options using the settings menu.
The default setting is a confirmation simple colour mode that is derived from confirmation signals’ technique. The three colours used in this style can be interpreted in the ways listed below.
- Green candles: a brisk market for purchasing.
- Red candles indicate a very active sell signal.
- Purple candles represent the presence of a typical buy or sell indication.
Gradient of Confirmation
Similar to the confirmation basic colour mode, the confirmation gradient colour mode is based on the algorithm that creates confirmation signals, although it will have some minor differences. Strong bullish variants are depicted by greener colours, whereas strong bearish ones are depicted by redder ones. If the colour of the moving average is getting closer to purple, it could be a sign that the market is in a range or corrective phase.
The contrarian signals algorithm is the foundation of the contrarian gradient colour mode. A more extreme green tint indicates an oversold market that may be about to reverse, whereas a more extreme red colour indicates an overbought market.