Set indicator parameters

Attach the indicator file at the end of the article. Everyone download and install the software and then use it. For the installation section you follow the instructions below.

The input settings are as shown below:

The color part you can customize according to your preference.

Application of the King Cobra indicator in trading

The main role of the indicator is to determine the history of trend changes. So traders can use it for reversal trading. Here is to share a strategy related to this indicator so you can refer to how to use it.

Trading strategy with King Cobra indicator

Note when using strategy
  • Currency pair: any
  • Timeframe: H4 and above. In the example below we use the D1 framework.
Principle of entry
  • The red dot turns into a blue dot. We can now place a buy stop order above the highest price of the D1 candle with a blue dot below.
  • Similar to sell orders, when the green dot turns to the red dot, we can place a sell stop below the lowest price of the D1 candle with the red dot above.
  • In addition, the trader can also use a buy / sell limit when the price retraces about 50% of the candlestick, thus getting better entry points with lower risk. However, there are times when it is possible to miss an opportunity. So you should consider it yourself.
  • In case, the next candle does not match your order, but still has a dot of the same color continues to appear, you just need to adjust the trading order according to the tree so that on that new day is okay.
  • Use strong resistance support to set profit targets for your strategy with an RR ratio of at least 1: 2. And then move the stop loss by the dot.
  • Place the stop loss below the first blue dot when you entered a buy order or above the first red dot when you entered a sell order or follow the top of the day and add about 5 more pips.
As shown below is an example of a buy order.