Chart Analysis: Oil prices continue to climb, rebounding from June lows as shown by today’s NinjaTrader chart of the day using FREE end of day data provided by Kinetick. Also clearly visible below price are several custom indicators named as the Corona indicators which help to measure market cycles. You won’t find these indicators in the over 100 default indicators in NinjaTrader; however anyone can download them from the NinjaTrader Support Forum where hundreds of users share indicators for free. Corona indicators are utilized to determine whether or not the market is currently suitable for cyclical trading by creating luminous colors around the indicator line. The greater the luminous body appears, the less clear of a cycle there is in the market’s price action. It seems as though Oil is not currently ready for cyclical trading as it is enjoying a rally similar to the broader market. As we close out the week, this talk of Coronas could result in a bullish happy hour. We invite you to download this indicator from the NinjaTrader website and analyze the market of your choice today!
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