Nine Lives of DeMarker MT5
DeMarker (DeM) indicator is another member of the Oscillator family of technical indicators. Traders use the index to determine overbought and oversold conditions, assess risk levels, and time when price exhaustion is imminent.
This indicator shows DeMarker data from 9 currency pairs of your choice for all 9 timeframes.
If a digital value of DeM is less or equal to DnLevel = 0.3 (or whatever number you decided to put), Green square appears. This is potentially an oversold condition and may be a good time to go Long.
If a digital value of DeM is greater or equal to UpLevel = 0.7 (or whatever number you decided to put), Red square appears. This is potentially an overbought condition and may be a good time to go Short.
If a digital value of DeM is between UpLevel and DnLevel, Gray square appears.
- From Symb1 to Symb9 - you may change any of this parameter to any legal currency pair present at your platform.
- dPeriod = 14 - averaging period for the DeM.
- UpLevel = 0.7 - overbought level.
- DnLevel = 0.3 - oversold level.
- SymbColor = clrWhite - you may change the color of all labels.