Best indicator for Intraday Trading

Intraday trading can be a highly profitable activity if done right. However, it can also be quite risky if you don't have the right tools and High accuracy strategies. One of the most important aspects of successful intraday trading is the ability to make quick and accurate decisions based on the available market price. This is where price and price-based indicators come into play.

Price is considered the most important indicator in trading. Price is considered the most important indicator in trading. Price action and Central Pivot Range are the best indicator of supply and demand in any market, and therefore provides a accurate of information to traders. Price movements can indicate the strength of a trend, the level of support and resistance, and potential breakouts or reversals. Price can also provide traders with entry and exit points for trades, and help them identify profitable trading opportunities. Hence CPR indicator is called as Brahmastra indicator.

Why CPR is the price-based indicators ? 

CPR is considered a price-based indicator because it is calculated using price data, rather than other types of market data such as volume or open interest. Specifically, it is calculated using the previous day's high, low, and close prices, which are all price-based metrics. For intraday trading is the CPR by Trading Direction is best indicator available on Trading view platform. CPR (Central Pivot Range) indicator is derived from the price action of a particular instrument and can provide valuable insights into potential price movements.

The CPR indicator is calculated using the high, low, and close prices of a given period (usually daily or weekly). It consists of three levels: the central pivot point, the Top range ( TC), and the Bottom range (BC). The central pivot point is the average of the high, low, and close prices, while the upper and lower ranges are calculated as a percentage of the central pivot point.

CPR by Trading direction version 2 is best tool because it uses confluence of Daily CPR, Weekly CPR and moving Averages. Which is required for high probability trading.

Weekly Central pivot range provides a longer-term view of the market compared to shorter-term CPR calculations such as daily or intraday. Weekly CPR levels are calculated using the high, low, and close prices of the previous week prices, which can provide a more reliable indication of key support and resistance levels for traders looking to hold positions over a longer time horizon. Helps to analyze the market trend accurately specially in Nifty 50, Bank nifty, Fin nifty, and high beta stocks like Axis bank, Bajaj Finance, Tata motors, UPL Ltd, HDFC, Hero MotoCorp, Hindustan Uniliver Limited, Reliance etc.

The CPR indicator can be used in combination with Price action and Moving averages for entry and exit. CPR is the zone of consolidation hence most of the trapping happens in the CPR zones. Traders can use the upper and lower ranges to set profit targets and stop-loss levels for their trades. Like Moon which control tide of the ocean, CPR controls tide of the market. You can also use the central pivot point to gauge overall direction of the market, and adjust your trading strategy accordingly.

Another benefit of the CPR indicator is that it can help traders identify potential breakouts or reversals ( Virgin CPR and Fresh CPR). 

How to install CPR by trading Direction ( Trading Direction CPR settings) ?

Here are the steps to install the CPR by Trading Direction indicator on TradingView:

1. Log in to your TradingView account or sign up for a new account if you don't have one.
2. Go to Charts and Click on the "Indicators" button on the top toolbar 
3. In the search bar, type "CPR by Trading Direction" and click on the name of the indicator when it appears - "Central Pivot Range Weekly + Daily"
4. Click the "Add to Favorite Scripts" button to add the indicator to your list of favorite scripts.
5. Now you can add the indicator to your chart by clicking on the "Indicators" button on the top toolbar, selecting "Favorites" and then selecting "CPR by Trading Direction."
6. 
   
7. You can adjust the indicator settings by clicking on the gear icon next to the indicator name. Change Blue color to TCW, PW and BCW and Click on Inputs - enable "Show historical weekly CPR" and R3 and S3 pivots.
8. Once you have customized the settings to your preference, click "Apply" to add the indicator to your chart.
9. You can now use the CPR by Trading Direction indicator to help you make trading decisions based on the confluence of Daily CPR, Weekly CPR, and moving averages.

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Summary:

Price and price-based indicator, CPR by Trading Direction play a crucial role in making quick and accurate decisions. Central Pivot Range (CPR) is a price-based indicator calculated using the previous day's high, low, and close prices, providing valuable insights into potential price movements. CPR by Trading Direction version 2, available on Trading View, is the best tool as it uses the confluence of Daily CPR, Weekly CPR, and moving averages for high probability trading. Weekly CPR is important as it provides a longer-term view of the market compared to daily or intraday calculations and helps to analyze the market trend accurately, especially for Nifty 50, Bank Nifty, Fin Nifty, and high beta stocks. It can also help traders identify potential breakouts or reversals and set profit targets and stop-loss levels for their trades. CPR is the zone of consolidation, so trapping often occurs in the CPR zones. Traders can use the upper and lower ranges to adjust their trading strategy and identify potential breakouts or reversals.

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