Lux Algo is a Forex tool provider providing real-time alerts, trading signals, and indicators to help better determine market direction. All of the tools work in conjunction with TradingView, a social network for traders offering live quotes and an area for expert trading ideas. This product is a bit different than what most of the community is used to, as many of the readers at Forex Robot Nation have no TradingView experience. Today we will be providing a complete review to let you know if these tools will help you achieve your goals in the Forex marketplace.
This algorithmic project is headed up by four young gentleman, Alexander Friend, Sean Mack, Alex Pierrefeu and Matthew O’Hagan. They founded the platform in 2020, and aim to “provide traders with truly useful, unique, & reliable tools that can give them an edge over others in any market.” They believe that they will soon become the most widely trusted script vendor on TradingView. This group is fresh-faced and looking to make a difference. None of them have any real reputation in the Forex market because they are just starting out, but they’ll be an interesting group to keep an eye on in the coming years.
There is no location for their head-offices, as they are likely working virtually. In order to get in touch with support, traders can email firstname.lastname@example.org or even join their discord group.
Lux Algo Review
The Lux Algo team believe there are distinct reasons as to why 90% of Forex traders are unsuccessful. Two of these reasons are emotions and noisy charts. They believe that their are simply too many distractions when trading, which is where their system comes into play. Their system is built to cancel “out the noise and encourages you to enter and exit positions unemotionally.”
For trader’s with little TradingView experience, the vendor provides a quick walkthrough on how to add their scripts to the platform. Once this is completed, traders can move onto optimizing signal settings, automated market scanners and creating alerts. While these aspects sounds difficult, the resources section of the website is very well put together and easy to follow even for a beginner. For traders that exclusively use MetaTrader it will be difficult at first, but easier for traders with experience using Forex Indicators.
There are no specific examples on the Lux Algo home page, but in the resources page the team discusses the different strategies and market indicators that are included.
The vendor provides confirmation signals, contrarian signals, support & resistance methods, indicator overlay modes, oscillator and volatility indicators. It’s all a bit overwhelming if you don’t have trading experience, but that’s where the discord comes in handy. The discord is supposed to help traders learn how to use each indicator to generate viable trading signals.
This is not as easy a process as using a robot like Forex Fury, or Forex Steam, but there are great benefits in learning an indicator-based approach. As, traders that can trades manually, can use that knowledge for the rest of their lives.
Lux Algo Analysis
- Type: TradingView Scripts/Indicators
- Price: $67/month
- Strategy: Multiple
- Timeframe: Any
- Pairs: Any
- Established: 2020
For traders interested in the Lux Algo Trading scripts, they are going for $67/month. In this package, traders get access to all of the indicators and market scanners. It also includes access to their VIP discord group, real time alerts, non-repaint signals, 24/7 support, and free lifetime updates.
At $67/month it is more expensive than most signal services, and robots, but there is obvious value add with their discord access.
At this point in time, the Lux Algo team does not provide trading results. Maybe this is something they share in the discord, but likely it’s just not something they provide at all as they are a script-based company. Most Forex indicators don’t provide trading results either, but our expectations are a bit different in current times.
We do believe that the vendor should provide a Myfxbook account, or something similar. With four members of their team, there’s no reason why they can’t trade their scripts and show us the results. Especially, when they have a discord channel where they provide signals. At the very least, they should be able to trade each one of those signals and then put them on a Myfxbook account for us to analyze.
Given that the service costs $67 per month, we would like to see the vendor prove that they can win with their scripts on a long term basis. This would go a long way in proving they are a viable company.
For the most part, we are very interested in what Lux Algo has to offer the community. The scripts look effective at first glance, and their resources section is very well put together. We would like to see some live trading results at some point in the near future, but they are a new company so we won’t hold their feet to the fire.
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Lux Algo $67/month
Lux Algo is a collection of trading tools for TradingView that provide advanced trading signals with multiple strategies.
Discord channel Great resources section Multiple strategies
High price No verified results