Which indicators are best for intraday trading in crude oil?

Which indicators are best for intraday trading in crude oil?

Indicators play a major as well as significant role in intraday traders particularly for the beginners for trading.

All markets, but especially crude oil are only based on supply and demand. Supply and demand are what makes price in any market move from one value area to another, nothing else.

My best indicator is MACD & Bollinger band 

Moving Average Convergence Divergence - MACD 

• The MACD is calculated by subtracting the 26-period EMA from the 12-period EMA.
• The MACD triggers technical signals when it crosses above (to buy) or below (to sell) its signal line.
• The speed of crossovers is also taken as a signal of a market being overbought or oversold.
• The MACD helps investors understand whether bullish or bearish movement in the price is strengthening or weakening.

Bollinger band

Bollinger Bands are a dynamic indicator which means that they adapt to changing market conditions and, thus, have benefits over other standard indicators which are often perceived as ‘lagging’. 

There are just a few things you need to pay attention to when it comes to using Bollinger Bands to analyse trend strength :

• During strong trends, price stays close to the outer band
• If price pulls away from the outer band as the trend continues, it shows fading momentum
• Repeated pushes into the outer bands that don’t actually reach the band show a lack of power
• A break of the moving average is often the signal that a trend is ending

Apart from this, I use an indicator that comes with the Ninja Trader trading application which automatically draws pivot points, key support/resistance levels, previous-day open/high/low/close (very important on the RTH chart) and swing points in all time frames (especially useful on the 30 sec and 1 min charts if you're a scalper). I also use an indicator that displays the time remaining for a particular bar at the lower right-hand corner. These are extremely helpful when playing the small trades. It saves me a few hassles of having to worry about key levels if they appear automatically and just concentrate of picking the right moment to enter

Read more :  expert crude oil