DeMarker MT4 indicator oscillates between 0 and 1. Indicator readings above 0.7 suggest overbought levels. Readings below 0.3 suggest oversold levels.
BUY: In uptrends: Wait for the indicator to turn back above 0.3 from below.
SELL: In downtrends: Wait for the indicator to turn back below 0.7 from above.
Use in conjunction with trend analysis tools to determine the primary trend.
Don’t use DeMarker against the primary trend.
GBP/USD Weekly Chart Example
How to install the DeMarker custom indicator in Metatrader 4?
- Download the DeMarker.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.