Free Forex Indicators (MT4), Trend Following Indicators

DayDeMarker Forex Indicator

DayDeMarker Forex Indicator is a short-term swing trading indicator, used to identify potential overbought/oversold areas of the market. This indicator offers a plain and simple chart demonstration that can be read and understood by traders with any level of experience. It can also be added to other swing trading strategies for greater results.

DayDeMarker Forex Indicator allows you to scalp all kinds of forex currency pairs available in the financial markets. However, as a scalping tool, it suits better when applied on shorter timeframes like M1 to M15 charts within the MT4 trading platform.

DayDeMarker Forex Indicator Overview

Download and install the Indicator on your MT4 terminal. Once you’re done, your chart will appear like the following image:

DayDeMarker Forex Indicator Overview

Find Best: Deals & Discount

DayDeMarker Forex Indicator Explanation

DayDeMarker Forex Indicator works as a scale for measuring the overbought/oversold conditions of the market. It levels between 0.7 to 1 is considered as the overbought zone.

DayDeMarker Forex Indicator Analysis

On the other hand, the levels between 0.3 to 0 represent the oversold zone of the indicator. According to the rule, traders should look for long opportunities from the oversold areas and short opportunities from the overbought areas of the market.

For better confirmation, you may also include price action patters, swing indicators, or oscillators along with this tremendous short-term swing trading indicator.

DayDeMarker: Buy Conditions

DayDeMarker Buy Parameters
  • The indicator value rises above the 0.7 area
  • A bullish candle is plotted at the same time
  • Buy triggers at the break of the respective bullish candle’s high
  • Set stop loss below the current swing low of the market
  • Exit long/take profit whenever the indicator value hits below the 0.3 level

Also check: Exness Broker Review

DayDeMarker: Sell Conditions

DayDeMarker Sell Parameters
  • The indicator value drops below the 0.3 area
  • A bearish candle is plotted at the same time
  • Sell triggers at the break of the respective bearish candle’s low
  • Set stop loss above the current swing high of the market
  • Exit short/take profit whenever the indicator value jumps above the 0.7 level

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
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