Daily Deviation Counter - Free Indicator

Image - 1 (Click to ZOOM)

Daily Deviation Counter is a FREE for lifetime custom indicator, developed for both day traders and swing traders who want to try our products before subscribing to any premium products. As this indicator is FREE forever, you can subscribe to it without any obligation. This free NinjaTrader 8 custom-programmed indicator plots the average range for the user-selected period and also plots today’s live range of the market. If you are a day trader, with this indicator, you can compare today’s market range and volatility live with the previous user-defined period’s average range. If today’s range crosses the average range for your defined period, and if the current market is at the top, then this might be the best opportunity to short, but if the market is at the bottom, it is the best opportunity to long. Even if you consider probability, it will give you an incomparable edge. But if you are a swing or long-term position trader, you can use it to measure market volatility and current market risk. For swing traders, it will be a very effective tool to pinpoint entry and exit. This indicator works on every market and any timeframe (TF). The range for the user-defined period and today’s range is plotted on a chart like the highlighted red rectangle area in Image 1.

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The period is set to 5 by default, but you can change it from the period input parameter shown with the red rectangle in Image 2. Please keep the rest of the settings as they are to function the indicator effectively.

If you still have any further queries, please do watch the video tutorial by clicking here.