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| Here on useThinkScript, we dive deep into the latest discussions and highlight the most valuable indicators, set ups, and strategies which could give you the edge in this week's markets. Scroll down to check out this week's must reads, carefully selected by uTS Moderators! |
| samer800 said: This is a simple ORB (Opening Range Breakout) Indicator that not only signals breakout directions based on the opening session range but also includes trailing stop levels to manage ongoing trades. Instead of regular fixed Stop loss, we use ATR indicator (ATR based SL) to trail the stop loss that might help in maximizing the profitable trades. This helps especially during the trending days where market moves unidirectionally. |
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| CashMoney said: A script that draws supply and demand zones based on the RSI indicator. For example if RSI is under 30 a supply zone is drawn on the chart and extended for as long as there isn't a new crossunder 30. Same goes for above 70. The threshold which by default is set to 30, which means 30 is added to 0 and subtracted from 100 to give us the classic 30/70 threshold on RSI, can be set in the indicator settings. By only plotting the Demand Below Supply Above indicator you get automatic SD level that is updated every time RSI reaches either 30 or 70... |
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AVAILABLE TO VIP MEMBERS ONLY |
| useThinkScript said: For day traders, focusing on instruments with a history of consistent higher magnitude intraday moves is essential. Trading high amplitude stocks increases the chances of capturing meaningful profit opportunities. Out of the 6000 publically traded stocks, this scan filters to the 500+ stocks that have a history of high amplitude moves. Applying your strategy to instruments with a history of higher magnitude intraday moves does not guarantee that every trade will be a big move. But over time, these instrument's uptrends consistently outperform the market. Scan == Limit the Universe of Stocks to only Big Movers |
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| chewie76 said: The Fibonacci Band indicator is a powerful tool for identifying potential support, resistance, and mean reversion zones based on Fibonacci ratios. It overlays three sets of Fibonacci ratio bands (38.2%, 61.8%, and 100%) around a central trend line, dynamically adapting to price movements. This structure enables traders to track trends, visualize potential liquidity sweep areas, and spot reversal points for strategic entries and exits. |
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FROM THE ARCHIVES: OCT 2021 |
| Tidan said: To use Ehlers Bull Bear Power (also known as the Elder Ray Index) in day trading, primarily focus on the relationship between the "Bull Power" and "Bear Power" histograms, comparing them to the price action and a 13-period Exponential Moving Average (EMA) to identify potential trend reversals and confirm existing trends, looking for divergences between price and the indicators as key signals; when Bull Power is significantly higher than Bear Power, it indicates bullish pressure, while the opposite suggests bearish pressure. |
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