Adding Indicators to NinjaTrader

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Video Transcript:

Hello, traders. Welcome to the NinjaTrader tutorial and the second module, Charting: Drawing Tools and Indicators.

So, in this lesson, we’re going to go through the drawing tools and indicator section on the charts on NinjaTrader. The reason we are going to this is because it’s kind of different than the platforms that you are used to trading from and it can be tricky to find the right indicator and the right tools. I’m going to show you how to add the indicators to your charts and, of course, how to change the parameters in them.

Adding indicators ninjatrader

So, let’s go to a Euro – U.S. dollar chart. Here we go: This is a forward chart. It doesn’t matter, actually, the time frame that we are looking at because we are going to look at are the drawing tools, first of all. You can see that, right here, we have a pencil and when you click on the pencil, you have all the drawing tools. The number or drawing tools, or the tools that you are mostly going use are the line, the ray, extended line, etc., and the horizontal and vertical line, which are very much straightforward. Okay? And, of course, you have all of the other drawings that you can use, such as the ellipse, the rectangle, the triangle, etc.

Adding Lines to Ninjatrader

The one drawing tool that I do want to show you how to use is the ruler, because the ruler on NinjaTrader is kind of different from the MT4 platform, for example. And what you do is you click here and let’s say that you want to measure the move from this high, at this exact candle, to this low. Okay? First of all, you click on the ruler, then you click once at the height of the candle and then you click a second time at the low of the move, right here, and then you have exactly the number of bars that it took price to go from that high to that low and the number of days, of course, and the number of pips. Okay? Now, the third click is to actually position this little square wherever you want on your chart. Let’s say that we want it right here. So, you click the third time and you have it already.

Drawing Lines Ninjatrader

Now, you can see that we have -9, -0; 0916 which, when you are looking at a forex chart, is -916 pips. If you want to delete something that you drew on your chart, you just click on it and you can click on the delete button on your keyboard or just right-click on it and click remove. Okay?

You can also lock. For example, if you have a horizontal line at this level of resistance and it’s an important level of resistance, because it was also tested as support, previously, and it’s a level that you are always going to be watching. Sometimes, when you are working on your chart, you can, by mistake, just move the horizontal line around. Now, what you do is that you right-click on the line and you click on lock. This will lock the line, the horizontal line that you drew, and if you want to move it, you can see that you cannot move it. All right?

Now, let’s go and let’s delete this horizontal line and let’s go through the indicator section of this lesson. Okay? Now, the indicators are prompted when you click on this button right here, the green square with the two red and green chart-likes inside of it. You click on it and the indicator menu will be prompted to you and, as you can see right here, you will have all the indicators that you have on your NinjaTrader platform.

Add stochastic oscillator ninjatrader

Now, let’s say that you are looking for a normal stochastics indicator. Okay? We go to the “S” and the stochastics. Now, when you find the indicator, you highlight it by clicking on it once and then you click “new.” The indicator will be prompted on your Euro-U.S. dollar chart. And, right here, you have all the parameters and the data, so you can change whatever you like on the indicator. Let’s, for example, say you like a fast stochastic. You’re going to use a 9-3.

And, right here, you can change the upper and lower lines, colors, the style and, of course, the value. If you want, for example, a very over-sold territory with a 10-9 and a very over-bought territory with a 99. Okay? You just click “OK” and the indicator will be prompted to your chart. And you can do this with any other indicator that you want. You just go look for it in on your indicator list.

And let’s say that you want a Regression Channel on top of your Stochastics. Well, not on top of your stochastics, but also on your chart. You just click on “New” and you click ‘OK”. And, as you can see, the Regression Channel will be drawn on your chart. Regression Channel is like a Correction Channel, if you didn’t know already. If you want to get rid of an indicator, you just click on the indicator once and click on the delete button on your keyboard. This is basically where you will find the drawing tools and, of course, the indicators on the NinjaTrader platform.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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