Online trading including forex and crypto trading is a real challenge for most traders because it has had many drastic changes during recent times. There are a lot of tools that many traders are looking to make as much profit as possible. Admittedly, making money from online trading is not easy because most people do not fully understand how to use technical analysis indicators. Thus, Lux Algo was born as an effective technical analysis of trading indicators to bring accuracy, clarity, and perspective when trading.
If you are a trader in forex, crypto or any other platform of online trading, you’ve probably heard about Lux Algo Software which is a very popular tool in tradingview. Someone still wonders if it is a scam? But the truth is that Lux Algo is a wonderful software containing a lot of indicators that can improve your trading skill to a higher level.
In this article, we’ll introduce you through the Lux Algo overview and how it works. Read on and find out why most traders usually use it for daily crypto trading.
What is Lux Algo?
In 2023, Lux Algo was founded by Alexander Friend and Sean Mack. It is a trading system with the main aim to offer clues to users who can use its signals and indicators for trading not only forex, stock but also crypto. Traders can use this system on TradingView.
There are a lot of functions in Lux Algo that you can use to determine the market direction and help you to make a lot of profits including trading signals, alerts and powerful indicators. This software claims to access trading algorithms and systems so that you will have enough data through the market. Also it removes the hullabaloo in the market by the cause of the messy charts.
Thus, Lux Algo owns an algorithm that will analyze through the market to show trading signals that help you to trade effectively.
Features Of Lux Algo
There are a lot of features and toolkits in Lux Also software. Its main function can be encapsulated as follows:
- Display buy and sell signals.
- Lux Algo includes two methodologies which are Confirmation Signals and Contrarian Signals.
- Depending on trading style, traders can select which signal to be displayed.
- Users can choose a comprehensive option of settings.
- Users can choose An Autopilot Confirmation Signal Setting option to adjust by themselves a signal algorithm based on the market moves.
- Users can plot support and resistance levels in 4 different ways.
- There are two take profit points and two stop-loss points.
- Beside the confirmation and contrarian signals, there are other technical indicators on the chart.
- Traders can set colors for each candle on the chart.
- Important data and information are shown on the dashboard that can be used alongside signals and indicators.
- There are in-built alert conditions with its premium indicators.
The main indicator toolkit of Lux Algo is Signals and Overlays which contains many advanced features such as signal modes, indicator overlays, eg. Users can be based on them to make decisions effectively.
The confirmation signals have been created by performance adaptive trend following methodology. Users can trade effectively based on potential signal modes. There are 2 types of confirmation signals which are normal and strong signals. Strong ones are based on estimated trends while normal ones are created by a retracement.
You can determine each signal by color such as the confirmation signal mode is colored crosses, a bullish exit signal is blue cross and bearish exit is orange cross.
Exit signals are exit positions determined by the previous confirmation signal at the highest price. While successive exit signals are based on longer-term trends.
Contrarian + Exits
Simply, contrarian signals are the signals to let users know the potential tops and bottoms. These signals are opposite to current market sentiment that help you make decisions quickly regarding the market.
Sometimes, users can see the contrarian signals labeled strong with the cause of the price being excessively overbought or oversold. The signals collect data and show you the chances of indicating a potential reversal.
Besides, the signals also show a declining volume or the occurrence near a significant support/resistance because they are nearly indicative of a reversal. Thus, based on the contrarian signals, you can decide to exit a position or open them.
You also can determine the exit signal of contrarian signals as a bullish exit one is in the blue cross, while a bearish one is in the orange cross.
Price of Lux Algo packages
It is very important to consider whether to use Lux Algo relating to its pricing. With many powerful and useful indicators that help you trade more effectively, it’s sure that the platform cannot be free. It means that you have to pay money for using Lux Algo indicators.
You can only use such amazing features of the system after making a payment. How to buy Lux Algo? Refer below for details:
- Access the website of Lux Algo
- On the right of the screen, click on Buy now and follow the instructions.
- After purchasing, you will receive an email with a link to access powerful indicators on TradingView.
- In the VIP section, you can also access other features like trading signals, optimization, and a community experience.
Currently, there are three packages monthly, quarterly and yearly using Lux Algo. The respective cost is $67.99, $143.97, and $489.99. If you choose monthly and yearly subscriptions, you can get a bit discount and also can cancel the subscription any time.
Luckily, the system provides you a free trial in 30 days and you can get a full refund if it doesn’t work as your expectation. However, you should realize that Lux Ago would not refund after the free-trial period.
How to setup LuxAlgo on TradingView
After purchasing and activating the account on Lux Algo, you now can use it on TradingView by connecting the account from the portal on your email. After this step, you will have instant access to Lux Algo’s features on the platform. Follow steps below to use the indicators:
- Open chart on TradingView.
- Click on Indicators, then “invite-only scripts”, you can see the names of indicators on the screen, then click to add them to your chart.
- In case you want to quickly access the indicators, click to the star at the left of the indicator names to add to your favorites. So that, you can load directly the starred indicators immediately.
Is Lux Algo really effective?
One question that almost everyone heard about Lux Algo is whether it’s really effective. All of us know that there are a lot of software and platforms that are created to dupe users. And of course, we do not want to be victims of such scam.
To answer this question, we have collected data that the platform has a rating of 4.3 on Trustpilot. There are 225 reviews that say it’s safe to use this system. You probably can access Lux Algo and carry out the trial to experience the platform. We’re sure that there is no malicious or suspicious behavior in the software.
Lux Algo is safe and trustworthy but it doesn’t mean that it guarantees profits. Indeed, it gives you many powerful signals that you can make decisions easier when trading by analyzing charts. But the final decision is up to you.
There are a lot of useful features in Lux Algo that help you to trade crypto, Forex,… effectively. Currently, more than 50,000 people are using this software. You can try this platform now to increase your trading’s profit efficiency.