Best non repainting forex indicator for day trading? Nowadays, most forex traders utilize technical indicators rather than depending on fundamental analysis to predict the future movement of price over time. Trading using price action is an important strategy but must be backed with the right technical indicator because with the wrong technical indicator, you will be misled into choosing the right trade.
If you are a newbie, the chances of using the right technical indicator are slim. In this information era where scammers are lurking to prey on novice when buying products, it is important to be well equipped. Most times, these new traders are left with no option than buying indicators online. In most cases, they are promised of “unrealistic” profits when such indicators are purchase. However, over time, the results of these indicators turn out to be the opposite of the truth.
In this article, you will learn all about repainting and non-repainting forex indicator for day trading. A lot of scammers have used the term “repainting” to deceive new traders. By the end of this article, you would be able to distinguish between these two concepts and have a clear insight about them. Let’s get things started if you are ready.
Repainting and Non-Repainting Indicator
A repainting indicator is an indicator whose values change continuously. These indicators normally use future data to generate entry signals. Through this, the repainting indicator ensures that both their historic entry and exit signals are flawless and accurate.
On the other hand, non-repainting indicators are indicators whose values don’t change once the price bar has come to an end. They usually use previous price bars to calculate their values. The value of these closed bars never changes with the bar having its high, low, open, and close levels.
Best Non-Repainting Indicator
Trading shouldn’t be stressful and time-consuming if you know the right things to do. If you are a beginner, having a proper foundation will go a long way in determining your success rate. In this section, you will know some of the best non-repainting forex indicators for day trading. These indicators work perfectly well with the MT4 platform. It is important to backtest these indicators on a demo account pending when you are comfortable with the outcome of your testing.
Auto Fibonacci or Fibo
The Fibonacci indicator is one of the easiest indicators you can come across as a new beginner. The Auto Fibonacci indicator is quite different from the one you will find in your MT4 indicators. The Auto Fibonacci indicator draws the Fibonacci level on your chart automatically unlike the default Fibonacci retracement indicator that you have to first locate the swing high and lows.
The Auto Fibonacci is one of the best non-repainting forex indicators for day trading it comes with alerts. It draws the Fibonacci level as it ought to be without any stress. From the picture below, you can observe the red line from the swing low to the swing high with different retracement levels where traders can take their profits and set a stop loss. The only difficulty with this non-repainting forex indicator is that you understand the basis of Fibonacci retracement to use it effectively.
As a beginner, you may not have the patience of keeping your trades to get as 200 pips because during this stage your emotion is in control. However, the trend scalp indicator is an accurate non-repainting forex indicator you need for scalping trends. Interestingly, it works flawlessly on any timeframe.
Additionally, it has inbuilt add-ons to fine-tune your scalping strategies such as arrows on key retracement levels and alerts for a break. Hardly, can you ignore this unique indicator. However, you need to constantly practice with the indicator to figure the best way to use it to your advantage.
Always remember this, “NEVER TRADE AGAINST THE TRADE.” If that doesn’t sound nice, then this may help. The “TREND IS YOUR FRIEND,” does that sound nice? In trading, your priority is to find the current trend and once you miss that step, your account will the result of your action. However, finding the trend direction can be a daunting task but this “Trend Direction” indicator is a reliable indicator for scalpers and swing traders. Scalpers are those who hop in and out of the market in a few minutes whereas swing traders allow their trades to stay for days.
This non-repainting forex indicator is simple and very easy to use as a beginner. Additionally, it works perfectly as an entry filter for executing your trades. The indicator comes with interpolation, multi-timeframe, and over 33 moving averages to help you filter your trade.
However, new traders may find this non-repainting forex indicator for day trading quite complicated. Notwithstanding, with hours of practice and dedication, one can master it.
Auto supply and Demand Zones
This indicator is the last of the best non-repainting forex indicator for day trading in our list today. The forex market respect market structures – the level of support and resistance. What will you do if you know that whenever price reaches a particular spot it bounces back and later retest that spot? If that continues like thrice, you can say within yourself that price tends to respect this zone.
Well, the Auto supply and Demand zones help you to draw the support and resistance zones automatically. You can use it for various timeframes – M1, M5, M15, H1, H4, D1, W, and MN. Furthermore, this non-repainting forex indicator for day trading comes with numerous display options and accurate in finding those support and resistance points.
Conclusion Best Non Repainting Forex Indicator for Day Trading
The best non-repainting forex indicator for day trading is less problematic than many people think. Although they have the ability of lagging, they do have the relevant information you need to make your decision. It is always our challenge to find a winning forex mt4 indicator.
Non-repainting indicators might be all you need since most new traders find it difficult to use repainting indicators. Whatever the case may be, the primary motive of trading is to make money. So get every indicator you think can help you actualize this goal.