Indicator for intraday trading
Most Forex traders prefer short-term transactions, which are limited to one day.
It is intraday trading that is popular among those who use currency pairs as the main asset in the trading platform.
It is this fact that makes us look for a specific tool for trend analysis, namely an indicator for intraday trading.
For intraday market analysis, both specialized tools and some universal scripts that work equally well on any timeframe are suitable.
Which of the currently available indicators will allow us to solve the problem and will effectively predict the trend over short time periods?
Stochastic Oscillator
It is one of my favorite indicators; it has proven itself well both on short time periods and on longer intervals.
Its main advantages are that it is already included in any trading platform by default and that any novice trader can use Stochastic in trading.
I myself used this script on the M15, M30 time frame and the euro/dollar currency pair; Stochastic quite confidently predicted trend changes on these time frames.
Another advantage of this indicator for intraday trading is its popularity. There is simply a huge number of simple strategies - http://time-forex.com/strategy/strategiy-stohastik based on it.
The tool works great not only on currency pairs, but also on other assets from the trading platform - stocks, futures. Ultra wizard indicator
Another proven tool that has proven itself quite well in intraday trading can be the Ultra wizard.
This indicator is quite suitable for intraday trading; it is based on several popular scripts, one of which is the Stochastic described above.
But unlike Stochastic, in Ultra wizard you can filter signals by comparing the readings of different scripts on the selected timeframe.
Also, the indicator itself for intraday trading tells you how strong the trend is and whether it is worth opening a trade in its direction.
The script itself can be downloaded here - http://time-forex.com/indikators/ultra-wizard
In addition to those mentioned above, for intraday trading you can use another interesting tool called the Three Screen Indicator - http://time-forex.com/indikators/ tri-ekrana it is multi-currency and requires preliminary configuration of operating parameters.