DayDeMarker Forex Indicator for MT4

Introduction to the DayDeMarker Forex Indicator

The DayDeMarker Forex Indicator is a custom forex oscillator that works to identify potential overbought/oversold areas of the market. These areas offer good entry points for swing trades. That forex indicator uses a unique formula for its calculations, therefore works in a different manner than most oscillators.

The DayDeMarker Forex Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

Anatomy of the DayDeMarker Forex Indicator

The DayDeMarker Forex Indicator provides two important levels, namely 0.7 and 0.3. When the oscillator rises above 0.7 level, it means the market is considered overbought and a trader should look for a sell opportunity. On the other hand, when this DayDeMarket falls below 0.3 it means the market is considered oversold and a trader should look for buy opportunity.

DayDeMarker Forex Indicator Anatomy

DayDeMarker Forex Indicator: Buy Signal

Follow these steps for a long trade:

  • DayDeMarker Indicator value drops below oversold level (0.3 level) and then reverse back above it
  • Price swings higher from recent low swing
  • Buy trade is triggered after the above conditions are met
  • Set stop loss a few pips below the last swing low of the market
  • Take profit or exit trade whenever Risk:Reward ratio is 1:1 or better, or use own method of trade exit

DayDeMarker Forex Indicator Example of Buy Trade

You can use Moving Average for trend direction assignment and then open trades in the corresponding direction. This is a buy trade example with 100-period EMA:

DayDeMarker Forex Indicator Buy Trade MA Example

DayDeMarker Forex Indicator: Sell Signal

Follow these steps for a short trade:

  • DayDeMarker Indicator value rises above overbought level (0.7 level) and then reverse back below it
  • Price swings lower from recent high swing
  • Sell trade is triggered after the above conditions are met
  • Set stop loss a few pips above the last swing high of the market
  • Take profit or exit trade whenever Risk:Reward ratio is 1:1 or better, or use own method of trade exit

DayDeMarker Forex Indicator Example of Sell Trade

Similarly, you can use Moving Average for trend direction assignment and then open trades in the corresponding direction. This is a sell trade example with 100-period EMA:

DayDeMarker Forex Indicator Sell Trade MA Example

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the DayDeMarker Forex indicator in MetaTrader (MT4)?

Installation Guide

Download the DayDeMarker Forex.rar archive at the bottom of this post, unpack it, then copy and paste the DayDeMarker Forex.ex4 or DayDeMarker Forex.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The DayDeMarker Forex indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.

Download Free MT4 DayDeMarker Forex Indicator

To download the DayDeMarker Forex Indicator for Metatrader 4 (MT4) for free just click the button below:

DayDeMarker Forex Indicator Free Download


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