Can anyone recommend a good daily indicator

Hi,

Can anyone recommend a good daily indicator to add to my MT4 daily chart. I like to set a trade a 00.00 GMT and have a few indicators on my chart already. I just want to add one more to my chart for good luck lol!

Appreciate the help.

Yeah I can recommend you a great indicator it's called price action.
You should add that one to your chart.

Yeah, that's the BEST !

No sense in adding indicators just for the sake of them - they're not Christmas tree decorations. If there is something that you want an indicator to show you - whether it be 'oversold' or 'overbought' areas, or signs of divergence (which are generally nonsense anyway) then experiment and find which ones work best for the pairs that you trade. If you find that sort of information useful then train your eye to identify these 'conditions' though observing price action alone.

In my experience, more indicator windows will only distract you - the market doesn't care about overbought levels, it doesn't care about your MACD crossing, in fact, there are traders who have these indicators on their charts so they can fade the trades of the indicator traders (ie trade in the opposite direction). Unfortunately, it is a lesson that we all have to learn for ourselves, but I strongly recommend you try trading naked.

I saw this new indicator recently on another website, perhaps it would be useful for you

Yeah, of course price action is the best indicator but I get up in the middle of the night to trade and having already studied the price action the night before but just wanted a fairly good indicator to help me when i may still be half asleep.

Maybe study Moving Averages? They can help to see what MIGHT be happening on market when you're still half asleep.

I am not sure what you are asking for, there are many different types of indicators which are designed to represent different things. It sounds to me that you want an indicator to take the responsibility of decision making because you're too tired or can't be bothered to give it your full attention. No such indicator exists to my knowledge. You have to do the analysis yourself. Maybe you should just find a good signal service and pay them to give you trade calls.


Sorry to sound like such a condescending prick, but I wish someone had given me a slap and told me how it was from the start.

No indicator at all.

I think you should use one that has a touch of green
Do some searching here on the forum - there's one that will paint your screen with great rainbow colors.

Thanks for all the useless answers (except the one about the moving averages which i already use, thanks stopman). There was a time you could get some good advise on this forum but now its full of smart arses.

Thank you to the people who replied with straight answers.

I just wanted to know if someone may say "hey, i use Bollinger at this setting or ADX at that setting". It is only an indicator i was looking for to indicate daily trend when i may not be firing on all cylinders. I don't use signal providers because they are bull sh*t.

I do my market analysis before i go to bed and i generally have a direction picked but sometimes things can happen out of the ordinary and an indicator can provide a quick heads up. Thats all i wanted.

Birdt! Even experienced seizmologists and geologists use indicators to confirm what they already suspect but does not make decisions for them so yes you do sound like a condescending prick (your words not mine).



Thanks all.....

Hi,
try 5, 13, & 62 EMA. Working great for me on M15 GBPUSD. Try googling "Rob Booker 5 13 62 ema" for further info.
Hope this helps ..

Ha ha! My words indeed. Now you've given over some information then maybe someone might be able to help you, but after that little tirade I am not sure who would want to. I think you can still get good advice here, if you ask reasonable questions in an intelligent way. From my perspective you sounded like a complete noob and responded accordingly.

Perhaps something like Signal bars or 'Tendance' might be useful as they give you a low-down of the readings of several indicators on several time frames at a glance.

You're welcome.

[quote=birdt;2149484]Now you've given over some information then maybe someone might be able to help you, but after that little tirade I am not sure who would want to. I think you can still get good advice here, if you ask reasonable questions in an intelligent way. From my perspective you sounded like a complete noob and responded accordingly.


Birdt, First of all many thanks for the tools you just gave me, I look forward to checking them out and will no doubt find them very useful.

Also I am sorry if I offended you in any way, it was not my intention. I did ask the original question in a newbie way because it is a newbie Q&A and would like it to come across as such for the newbies who read it. I really don’t like to think that if a newbie does ask a question on this forum that they will be met with contempt and ridicule.

It is a legitimate question to ask what indicators experienced traders could recommend. Simple questions should receive simple answers, not ridiculous flashing beacon charts (which was the catalyst for my “tirade” by the way, not what you said at all really).

Anyhow, I got what I came for so thank you and apologies again.

Hi there,
Great "Alert" indicator. where to get them??????

good day!

heys johns75,

ive been trading for a number of years now and i still believe that the best trading indicator which always gives 100% no-nonsense signal is price. aim to to be able to read a plain chart with a mathematically calculated indicator, this in my humble opinion will greatly increase your trading performance. i only use support and demand levels on a chart and look to take advantage of the imbalance at these levels. I hope that helps otherwise dont hesitate to ask again would be happy to help

happy trading

Due to the success of the James16 PF and thread, the newer people (who are probably a little more green) tend to think that it is the be all and end all, but at the same time it really is not.

In the James 16 PF there is focus on indicators away from Price action. Like anything, if you know how to read into something, then it is great, if you do not, then it will fail (or you need luck on your side).

Indicators are only that though - an indication, and they are all lagging - ie a mathematical forumla which will give a guess at future movement - it is actually no different to price action. You can see from the past what has USUALLY happened, and it will give you a good idea of what to do next, but sometimes, it is different. It is never 100%, but the make or breaks on these things are your money management at the end of the day...

If I were you, I would investgate this more than indicators, as you can throw a dart blindfolded at an up or down arrow, and if you have good omney management, you will be profitable. It is that important to your success.

Happy trading!

Rolls123, i agree with you, i guess i took that for granted, like anything price action will also take time to learn and master, also its sound risk and money management that will take a trader from novice to consistent profitability. I must admit that even with price action, more of my trades are losers however when i have a winner it covers all my losses and more, one advice i would offer new traders is that rather than looking to indicator to help, instead develop the right mental attitude which includes accepting that fact that losing is part of trading, in my humble opinion truly operating out of these belief will change a new traders' results

Hi

this indicator has NO REPAINT AND NO LAG.

I couldn't agree more. Use your own judgment.