What is the best indicator settings for a day trader?


#1

Hi everyone!

First of all I wanted to thank @peter for his BX90 videos! It really helped me understand the basics of reading the chart.

Now I have a couple of questions:

  1. What’s the best chart view for a day trader? I play around from 1 minute to 4 hours. But is there an optimal settings for this when the market is (a) bearish & (b) volatile?

  2. How should I tweak the RSI and MACD settings to suite my needs as a day trader? I tried changing the RSI to 8 and 30 but I’m not really sure what’s the optimal value for for these indicators.

Thank you in advance!


#2

I have been looking into this and interested in the reply’s.
I am using the 30 minute chart mostly and then zooming out to the 4 hour and one day to get a better feel.
I found this on RSI:
Calculation

The RSI is a fairly simple formula, but is difficult to explain without pages of examples. Refer to Wilder’s book for additional calculation information. The basic formula is:
RSI = 100 – [100 / ( 1 + (Average of Upward Price Change / Average of Downward Price Change ) ) ]

Here is a link to an old book but would be good to read I think.


#3

I been trading penny stocks for 18 yrs and crypto 2 yrs. I always use the 15 min MACD that is it…


#4

What are you looking to see in the MACD engineman?
I never really use it for such short time frames, but curious to learn.


#5

Taking the overall market sentiment into account, any indicator is as good as the next one. IMHO, any popular mid to long term TA published here and there is just a self-fulfilling prophecy.

Edit: I tend to use MA7-25-50(for short term), MA100 and EMA150(for long term), RSI and MACD.


#6

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