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Idicators for intraday?

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jln
Contributor
What is the best indicators for intraday?
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12 REPLIES 12
SimonPB
Valued Contributor
same as any other time frame. If a system/indicator works in one time frame it'll work in another.
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jln
Contributor
Simon, do you know or heard of the Rahul Mohindar oscillator.It is black box and not sure if one should trade on it?
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SimonPB
Valued Contributor
never heard of it, don't like black boxes.
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john_1
Super Contributor
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jln
Contributor
You cant see the formula is password protected
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john_1
Super Contributor
Ok then, that sounds like a great idea, trade of an indicator you can't understand... hum
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Tango
Super Contributor
Might sounds trite, but the best indicator is price... simple stuff works on intraday charts too. Support, resistance, higher-highs, lower-lows etc.
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jln
Contributor
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Tango
Super Contributor
I did a search on the RMO - it looks like it has been built into Metastock 10. Someone has decompiled/replicated it and there are Amibroker formulae out there for it. Do a search on 'Amibroker RMO' and you'll find them. Haven't tried it myself.
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cfm
Super Contributor
I've found that most (if not all systems) scale down to just about any time frame. The biggest problem is that the shorter the time frame, the shorter the length of the trade, raising the possibility that one will not cover the cost of the trade (since this stays fixed and does not scale down with the rest).
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Not applicable
indicators for intraday trades are pretty useless...all indicators (despite what the experts say)are lagging indicators and if you are working with an intraday timeframe having a lag is just useless. For intraday trades one of the easiest indicators is to look for 3 successive higher closes in order to go long (proving the final close is higher than the length of the first bar) and vice versa to go short.
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Tango
Super Contributor
Agreed. I think we're saying the same thing. Trade the price. The only oscillator/indicator I pay particular attention to is MACD histogram, particularly when the share/index is trading in a secondary trend that's running counter to the primary trend and I'm looking for an opportunity to re-enter in the direction of the primary trend. In these cases I've found divergences on MACD histogram very reliable. Entry on a reversal bar. But horses for courses. Find something that works and stick to it.
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