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:
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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.
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
- 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
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DayDeMarker: Sell Conditions
- 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