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 on both short and longer timeframes.
Its main advantages are that it is already included by default in any trading platform and that any novice trader can use Stochastic in trading.
I personally used this script on the M15 and M30 timeframes and the EUR/USD currency pair. The Stochastic oscillator reliably predicted trend changes on these timeframes.
Another advantage of this indicator for intraday trading is its popularity. There are a huge number of simple strategies based on it - http://time-forex.com/strategy/strategiy-stohastik . The tool works well not only on currency pairs but also on other assets from the trading platform, such as stocks and futures.
Ultra Wizard Indicator:
Another proven tool that has proven itself quite effective in intraday trading is the Ultra Wizard.
This indicator is well suited for intraday trading. It's based on several popular scripts, including the Stochastic described above.
Unlike Stochastic, however, Ultra Wizard allows you to filter signals by comparing different scripts on a selected timeframe.
The intraday trading indicator also suggests the strength of a trend and whether it's worth opening a trade in its direction.
The script can be downloaded here: http://time-forex.com/indikators/ultra-wizard
In addition to the above, another interesting tool for intraday trading is the Tri-Screen Indicator: http://time-forex.com/indikators/tri-ekrana It's multi-currency and requires preliminary configuration of its operating parameters.
