In trading, traders need to use the best tools available to help them. Ninjatrader is one of the best platforms on the market and I’m going to show you the best ninjatrader indicators as well as free and paid indicators for ninjatrader…
A trading platform is a software designed to manage and place trades through an online broker. Some platforms can be used in multiple financial markets while others are tailored only for specific markets. They also offer different features that are suitable for all types of traders. Trading platforms are usually offered by brokers for free or at a discounted rate in exchange for maintaining a funded account or trade commissions. When choosing a trading platform to use, the following factors should be considered:
- Minimum account balance
There are so many trading platforms out there with some of them already made a name in the trading industry. One of the known trading platforms is the NinjaTrader.
NinjaTrader is an online trading platform mostly catering to active traders of forex and futures markets. It has its own brokerage services but traders can also connect to other third-party brokers. What traders like about the NinjaTrader is that the trading platform has advanced charting analysis tools that are highly useful for active traders. NinjaTrader 8 is the newest trading platform version and boasts of the following features:
- New and powerful analysis tools
- 100+ built-in tools and new indicators
- Enhanced charting
- Streamlined and dynamic user interface
- Automated trading
If you decide to trade with NinjaTrader, there are three pricing options: Free, Lease, and Own. In the Free version, the platform already includes key features needed for live trading. For the paid versions, you can access more advanced features such as automated trading and custom technical indicators and tools. The Free version is probably enough for the casual trader but for active traders, the paid version of NinjaTrader is more beneficial for their trading.
Custom Ninjatrader 8 Add-Ons & Indicators List
Technical analysis is a skill that every trader should master. It is the backbone of a trading strategy and without it, you will just get lost in trading. Technical indicators are great tools in assisting you as they bring information and insight regarding the market and asset behavior. In trading platforms, there are already built-in indicators that you can use. They are usually basic indicators and would probably be enough for some. But if you are looking for a more precise approach in trading, there are custom indicators available that you can use with your chosen platform.
For NinjaTrader 8, aside from built-in indicators, they added new third-party indicators and strategies to enhance trading sessions. Not only that, NinjaTrader has its own programming language called NinjaScript that allows traders to build their own indicator.
NinjaTrader users can browse the list of indicators and other add-ons in the NinjaTrader Ecosystem.
Best Support And Resistance NinjaTrader Indicators NT8
In technical analysis, support and resistance levels are two concepts that you need to learn. Support and resistance levels refer to the price points that act as a barrier and where trends may pause or reverse. The support level is the level where the price cannot fall below due to a concentration of demand or buyers. On the other hand, the resistance level is the level wherein the price cannot rise higher due to concentration of supply or sellers.
Best Ninjatrader Indicators
To help in identifying the best support and resistance levels in NT8, here are some indicators that will help you:
- Ichimoku Cloud. The Ichimoku Cloud is an indicator that shows support and resistance, trend, and momentum. It consists of five lines that calculates moving averages which then forms a “cloud”. If the price of the asset is above the cloud, there is an uptrend, and if below, there is a downtrend. The trend is also strengthened if the cloud is moving in the same direction as the price.
- Volume Weighted Average Price or VWAP. The VWAP is used to determine the average price an asset has been traded throughout the day and also identify support and resistance levels. If a price is above the VWAP line, it can be a potential support level. If the price is below the VWAP line, it can be a resistance level.
- Fibonacci Retracement. This indicator displays where support and resistance are likely to occur. It connects two price points (high and low) which are divided by key Fibonacci ratios. When the levels are identified, it can be used to identify support and resistance levels.
- Pivot Points. This indicator is used to identify support and resistance levels. The current Pivot Point is calculated by getting the average of the previous day’s high, low, and close.
- Moving Averages. This indicator calculates the average price of an asset over a given period of time. It can be used as a dynamic support and resistance level, meaning if the price falls below the line, it can be considered as a buy signal or sell if it rises above the line.
Best Supply And Demand Trading Indicators NT8
The supply and demand indicator is used to identify zones wherein the price of an asset is driven by the desires of buyers (demand) and the amount of asset available (supply). In NT8, there are third-party indicators that are specifically designed for supply and demand. However, you may also use other indicators to help in identifying supply and demand zones.
- On-Balance Volume (OBV). This indicator calculates positive and negative volume flow of an asset to show trend direction and crowd sentiment. If the OBV rises with the price, it means the trend will continue and the same goes for the opposite. However, if the OBV is falling while the price is increasing, it signifies that there is no strong support from the buyers and could signal a trend reversal.
- Relative Strength Index (RSI). RSI helps in identifying the strength of a trend. Same as OBV, if the RSI goes into a different direction than the price, it means that the current trend is weakening due to lack of support from buyers or sellers and could mean a reversal will happen.
- Moving Averages Convergence Divergence (MACD). MACD compares two moving averages to identify trend direction and momentum.
Configuring and Installing Ninjatrader
How Do I Add An Indicator To Ninjatrader 8?
Before you install an indicator to NT8, make sure that it is in a .zip file. Then, follow these steps:
- Go to NinjaTrader Control Center
- Go to Tools>Import>NinjaScript Add-on
- Find your .zip file and click Open
How Do I Import Indicators From Ninjatrader 7?
Since custom indicators from NinjaTrader 7 are not compatible with the NT8, you need to update the code to be able to use them. However, built-in indicators from NT7 are no longer compatible with the NT8 and so, you need to look for the NT8 version of the indicators. To get more information on this, read this.
Does Ninjatrader Have VWAP?
The built-in VWAP is available when you purchase a lifetime membership of NinjaTrader. It is part of their new feature, Order Flow+, which includes powerful tools to analyze market activity.
However, there are third-party VWAP indicators available in the NinjaTrading Ecosystem which you may also use.