anyone have any recommendations on indicators to use , I’ve been trading for a year now and i would like to trade ideas
Before you add an indicator, you should try to identify what you want it to do. A simple lack of profits is not a problem that can automatically be solved by adding an indicator.
Let’s have a conversation and share some information.
You won’t be better mechanic with just more screwdrivers.
New traders can use indicators at first.
Try telling that to the guy trying to fix a Dyson vacuum cleaner who needs a 15cm long hex handle.
Bot? 10 characters needed for a reply
Maybe after a year you shouldn’t worry so much about what you call systems and indicators . Progression I feel is the experience of reading charts and how each individual instrument moves
What about OP, is he a bot too? He’s not replied since.
Hi - to prevent more spam in response to Bots, I am sending my observations directly to Admin. So I won’t reply other posts on the subject.
im not a bot
Hi @algo-lion,
I see that nobody has offered any help regarding indicators.
It would help to know if you intend to trade with trend (continuation trading), against the trend (reversal trading) or in choppy markets (no identifiable trend). The reason I ask this is because I do not believe that any indicator is good at all three, perhaps combinations of indicators. But in the beginning, it is appropriate to test indicators alone before then testing them in combination.
Also, I am not sure how far you have got with the School of Pipsology but a lot of indicators are covered in there (4th grade?), and the author does express opinion as to which market type each indicator is meant to be useful in.
I understand, that you have some experience and looking for some inspiration or potential elements to your strategy. Have you tried and understood all indicators offered by your broker?
My broker offers MetaTrader4 and his own platform with own set of indicators. At some point I felt “idealess” and just started going one by one all indicators I’ve had at hand. I have not found a holy grail, but got some new ideas for own EAs and indicators to write.
I can’t recommend any PROFITABLE indicator, but I can say which indicators I consider useful or at least interesting:
- Moving Averages - Whatever indicator I experiment with - I put moving averages on it
“If you like it better put a MA on it”. Adding MA to other indicators sometimes give new perspective (all types of new crosses to analyze)
- RSI - I like to use RSI as long/short filter, setting RSI(21) and looking at 50 cross (yeah MA of RSI is also nice)
- ATR - crown jewel in strategies - for StopLoss, TakeProfit, TrailProfit, you can even try momentum breakout trading with ATR. It is also good as normalizator for different pairs. If I need to compare something in EA - I divide it by ATR to adjust data point with volatility
- Donchian Channel - or in simple terms - highest/lowest value in n-period. Experimented with breakout scalping with it and although did not found the holy grail - there is something with breaking longer term extremes
- Volume - maybe not indicator, but often on the list between indicators. If you have real volume available in your platform, this is GREAT indicator of what is going on. Seeing which moves are supported by money and which are going just by air makes a difference.
- Cutrim Theory Indicator - that is one of most exotic ones I’ve found by accident on my brokers platform. Not sure how to trade it and cannot find much info on the internet about it
It shows percentage of days closed higher and lower. Idea is to look for imbalance, as market will look for get back to around 50-50.
- Ichimoku - complex indicator which tells a story. My broker offers few hours of training related to this indicator alone - very interesting and on my list to play with at some point.
Yes, it worked! Human.
In my search of the same thing, I came across most of the ones @wilczasty mentioned.
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MAs
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RSI
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Stochastics
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ATR
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Bollinger bands
You can also check this out:
Maybe I can update that thread with a summary of what everybody mentioned.
anyone have any recommendations on indicators to use
create two or three moving averages on a chart and that is your new indicator!
good luck.
use trend indicators for direction
use oscillators for over sell/buy enter point
put these in an strongest support /resist occasion you ever know
tala~your trading system is done