Sniper Forex Indicators

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This is not so much of a review as a helpful hint. Sniper Forex system is a manual system that has been around for a while now and in all fairness has had relative positive reviews. It does not claim to be something it’s not and does not lead you up the garden path..or at least not like some Expert Advisors do.

Sniper forex trading system is a set of indicators combined with various but straight forward rules for entry and exit. It is clear from a visit to the Trade2Win forum and a read of 120 odd pages on the subject that people definitely rate this or at least the principle behind it.

When I asked the members to name something they liked and something they disliked about it, it was met with the response; “I can’t think of anything I like least. The system is as good a system as you are likely to find out there. It is really good at catching the trends, but like any system, the ranging markets are hard on it. Even on ranging, most times the stop outs are at a minimal pip loss“.

And there are plenty of examples of “tests” that suggest that risk to reward ratio is excellent, which if you know me by now, is in my opinion the most important factor to consider in a trading system. So all in all, Sniper Forex would seem like a system to try out.

The good thing about Sniper Forex is that you are able to have a trial demo for free when you visit their site. And this is where things started to get interesting. Purely by accident I notice a similarity between one of the indicators and one I already had on my chart. After adjusting the settings on my chart I noticed it was actually identical.

So I started to have a look at the other indicators and could see by the settings on the indicator that one shared very similar settings with a well know common indicator. So on comparing the two it was clear again that this indicator is a common indicator.

I am also happy to say as of yet I haven’t identified the 3rd (and 4th) indicator but I am sure it won’t be too hard to discover after a little more work. So why am I telling you all this? In all honesty, compared to some system sellers,Sniper forex comes across and pretty good. However, I am not sure I could suggest that you part with nearly $300 for something that is for sure half based on common indicators. Ideally I would rather see something such as Sniper, being sold with free open source indicators and sold as a detail trading method based on those indicators. Rather than making the indicators out to be some secret clever indicators.

That being said…I can’t fault that the indicators look nice when they are displayed in the sniper format but is that really worth the cost? Probably not. I would rather the method with full disclosure of the indicators were sold for $30-$50 or suchlike.

Anyway, below are the indicators I think are common indicators. Take a look yourself. Try the demo and compare and decide for yourself whether you need to pay $300 for the ‘other’ indicators.

Here is a quick chart with the Sniper Forex indicators on.

Sniper Forex

You will notice the 3 lines than move in tandem with each other. Those are the Sniper’s signal lines. You will see that the middle line is coloured green when the others are coloured blue. This is because this is actually a Hull Moving Average which I added to the chart set to period 30. This matches the Sniper indicator’s middle line perfectly. as for the other two lines I would suggest that they are a Hull moving average applied to the high and to the low, although I have not tried it.

The bottom indicator called Sniper Trend B is basically a Parabolic Sar set to 0.01 and 0.1 in the settings and displayed a a red bar when the price is below it and blue bar when the price is above it. Simple as that.

As for the other indicators, I would need to do some more. For the stop signal one could try something like supertrend or chandelier exit or even another parabolic Sar.

I think the two indicators mentioned above could be enough for someone to base their own trading system on. But I think what this post does show is that when things are displayed differently they often look more appealing. Also when they are advertised as mysterious indicators they seem even more attractive. But in reality, mot much is new in this game anymore. It’s all just repackaged and re-priced stuff from old.

Hope you enjoy the Sniper Forex System if you do buy it and hope you enjoy making your own system if that is the path you choose. Clicking on any of the indicator names will take you to the indicator download page where you can download various versions of these indicators for free.

Updated: 5/11/09

Here is an ATR Stop indicator that may do the trick for the stop. Have a play with the settings and let me know.

Updated: 29/10/09

An update on Sniper Forex:-I think I may have cracked the Trend A indicator. I should have noticed it before. Ignoring why the blocks rise and fall it looks like the colour changes on closing bars/periods below or above a moving average.Maybe the Hull moving average. A faster one that the centre line.

Some times it’s one bar out or two but that could just be the difference in the way it was/is calculated or maybe it’s based on a close below the low and high hull moving average.? It may be based on whether the MA it is based on is sloping upwards or downards but would need some more time to look into it. But if you have a play with various Moving averages I am sure you will see how close you can get it to Sniper Forex. You will probably also see how little differences the variation between different indicators matters.

19 Responses

  1. salvadorveiga says:

    Hey, the only one I have i’m trying to find as well is the Stop indicator, can’t find what kind of settings it is… either a PSAR, but psar usualy doesn’t plateau as Sniper’s stop… so I’m thinking an ATR style stop programmed to appear in dots.

    Also, if you pay with Google Checkout instead of paypal you are charged 90 GBP which is around1 130USD.

    Just a thought mate.

  2. Jason says:

    Not too sure but based on past experiences you could use a varity of different stop methods and it will not effect results too much. Some form of chandalier or supertrend would be your best bet imo. Not worth buying the indicators for my trading but some might prefer the way the sniper forex indicators look.

  3. Jason says:

    Have added an ATR Stop indicator to the download section.(Thanks to Salvador)

  4. Online Forex Trading says:

    I think a $300 price point is pretty high but I do not think using standard indicators would decrease the value of the system at all. I haven’t used it myself but I think the results are what makes a system worth the price.

  5. Charlie says:

    I would love it if someone would write to me at JStraw003@yahoo.com so that I could get them the call me and hold my hand in setting up a trade according to the directions.

    I have been running the software by sniping individual candle(s) and have been very satisfied with the results. But this is time consuming and requires constant vigalance.

    I do not know if running the software the proper way does or does not and then do not even know what to look for.

    Charlie

  6. Jason says:

    I can’t help unfortunately but maybe someone else an help you. Also you could try and find the sniper thread on Trade2Win.

    Hopefully we will have a forum to discuss all these systems later in the year but until then it is probably your best bet.

    Let us know how you get on with it.

  7. Paul says:

    Thanks for your search. As the saying goes, you pay for what you don’t know and that is the way the game is been played. Most of us part with our money mainly because the forex marketers know how to say what we want to hear- big profit!!! that will transform your life like magic. As has been said here, most of these systems are just repackaging. I know a guy who want to charge you $2500 just to teach you how to trade, but one thing most of them refused to know or out of pure ignorance is that the internet has open the secret gate of trading especially for those that want to take the time to learn, seek the knowledge first. Just google anything under the sun today and you will have tonnes of information to pick from. I shall report back after testing the settings on the so-called Sniper forex. Thanks.

  8. Luis says:

    Hello,I’m new to forex, were can I download the smilar copies of the sniper forex for free. do the free copy works with the free demo.

  9. Jason says:

    please see installation instructions on this page

    http://www.greattradingsystems.com/free-metatrader-4-indicators/

    any issues let me know

  10. Jason says:

    I am not sure what you mean???

  11. Barbs says:

    hull moving averages! Thanks for jogging my memory!

  12. Jawad says:

    The tiny blue and red dots above and bellow the bars are actually bollingar bands!

  13. Jawad says:

    In case any of you are wondering about optimal entry using this system, you should enter the trade when after a trading signal, the first dot appears on the other side of the bars. For example, in the above chart you would wait for the first blue arrow, then when the first blue dot appears you can enter the trade,

  14. Jason says:

    Thanks for sharing. I know our users will be interested in that info.

    Good shout on the bolly. Quite narrow though but I can see how it could be right.

  15. Leigh says:

    Hi ,
    Can I ask what is a Hull MA , what is the difference between this and a SMA and EMA , thank you .

  16. GreatTradingSystems says:

    “The HMA employs weighted moving averages and dampens the smoothing effect (and resulting lag) by using the square root of the period instead of the actual period itself…as seen below.”

    Integer(SquareRoot(Period)) WMA [2 x Integer(Period/2) WMA(Price)
    - Period WMA(Price)]

  17. GreatTradingSystems says:

    An SMA is an equal weighted average so each price over say a 10 period range is given the same importance when calculating the average. And EMA gives more weight to the most recent prices.

  18. Mr Wrong says:

    If I have the money, how do I make it grow in forex trading?
    .

  19. GreatTradingSystems says:

    Stop wasting your time spamming websites and start trading would be a good start!

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