For those of us who were born without the ability to look at a trading chart and determine potential risk and success, indicators are our best friends. What is an indicator? In this article, an indicator can be simply defined as visual feedback displayed on a chart that is based on market analysis. I've found that best selection of indicators can be found at Indicator Warehouse. These indicators are specifically for NinjaTrader, a software trading platform that offers quite a few customizable ways to display trading information.
Day Trading Indicators - Top 10 Things to Look For
1. Easy and quick installation and use - setting up an indicator should be hassle-free. Who wants to sit around and configure an indicator (or guess if it's configured correctly) while the market could be having the best day it's had all week? Also, check if the indicator is automated. The less you have to do, the better. As a trader, I know how difficult it can be just deciding to pull the trigger on a trade...
2. A reasonable price - since indicators are an investment, the indicator should pay for itself within a reasonable amount of time. This is of course subjective; only purchase what you can afford.
3. Customer support - how accessible is the support service? Is there any material out there or live support than can guide first time users?
4. Cross-platform support - do you also work with TradeStation? Will your indicator be supported?
5. Time-tested. Make sure the indicator has been available for a bit of time. Sure, it's easy to program an indicator and sell it. It's far more difficult to continue selling it after a couple of months (these things are filtered and removed).
6. Easy to read - let's try an experiment here, visit Chart.ly and look at a few screenshots that other traders are posting. About 95% of the pictures posted to Chart.ly appear to be overly complicated and clutter the screen. Select an indicator that will save you screen space, and most importantly, mental space!
7. No time limit - make sure your indicator works throughout the trading day. If your indicator only operates when the market opens and then turns off, you're really at a loss (literally!) for the rest of the day. Your indicator should be running
and active to assist your with trading throughout the day.
8. Synergy - a confusing word, but no single indicator is effective 100% by itself. See if the creators of the indicator offer any other software, methods, or strategies that can be coupled with the indicator. Don't be caught in the rain with just an umbrella!
9. If you have any thoughts concerning in which and how to use ninjatrader indicators
, you can call us at our web page. Licensing - this one goes back to number two, but really deserves a separate mention. Is the indicator subscription based on the day, week, month or year? What about a lifetime license? What if the license expires while you're trying to trade?
10. Proven effectiveness - last but not least, make sure the indicator actually does what it claims. Search for reviews, get in touch with users of the indicator, attend webinars and view videos that show the indicator in a real trading situation (live if possible).
Based on my research, I can recommend only one indicator that matches the above criteria. The DayTradeToWin Atlas Line has proven to be effective in every market on a daily basis, including the E-Mini, Crude Oil, the British Pound, the Euro, etc. The Atlas Line has excellent reviews, forum, e-mail and live phone / screenview support (John Paul and his staff are very friendly), a lifetime license, and is entirely automated. Also, there's no second guessing - the Atlas Line allows the user to stay on the correct side of a trade just by following a simple line! In short, if you want to become a day trader, or want an easy technique, definitely check the Atlas Line out.