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2024 -- July 3rd newsletter


Staff member

Your useThinkScript Update: Trend & Momentum Labels, Trend Meter, Automatic Quadrant Lines, and more...!​

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 dashboard consists of 3 different Trend Meters and a Trend Bar which are used to confirm trend

Use as a supplementary Indicator to confirm your entries, but it is as good on it's own. As a bonus Wave Trend Signals are marked as well, these are very powerful however please use with caution

How to Use

The more Trend meters are lit up the better
#// Look for Support or Resistance Levels for price to be attracted to
#// Find confluence with other indicators
#// Enter Long above the Setup Bar
#// Enter Short Below the Setup Bar
Moreover, I added signal based on the provided YouTube. Enjoy :)

chewie76 said:

The Automatic Quadrant Lines is a trading strategy upper indicator that projects where price might go in the future.

Use weekly/daily/4 hr chart for swing trading. Use 30 min or less for day trading. This indicator shows you the long entry and long target. It shows you a short entry and short target. In the indicator, L/E is Long Entry, and S/E is Short Entry. The targets show the price in the chart bubble...

The indicator consolidates the evaluated outputs from these techniques into a singular value and presents the combined data through an oscillator format, technical rating, and a histogram panel featuring the sentiment of each component alongside the overall sentiment.

MerryDay said:

The information in these labels are essential for making better trades. These labels are used as a traffic light as to direction. Here are what they are and what they do.

Trend and momentum indicators are standard on most charts in Bullish Markets. The premise finds that if there is an established trend and you add momentum the stock price will steam roll along. Such is the force of the market.

Bearish Markets lack that essential force. Trends die premature deaths and momentum becomes another false signal because of the forces at work on the bear market. Placing trend / momentum indicators on your chart could end up being a distraction given market conditions.

However, there is essential information to be gleaned from these studies...
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lovetotrade20024 said:

🌟Introducing the Trend and Strength Signals indicator by AlgoAlpha!

This indicator calculates the moving average and standard deviation of the closing price over a customizable period to identify the upper and lower bounds.

When the price crosses these bounds, it signals an uptrend or downtrend. The gauge measures market strength by comparing the price to the moving average and scaling it over a customizable range, while the underlying logic uses concepts from the Bollinger Bands, this indicator gives a unique perspective on price behavior through added features and signals derived from it.

2sureshk said:

Person's Pivots (PPS) is a technical indicator in thinkorswim that's a variation of the Pivot Points study. It's a bullish and bearish momentum indicator that uses pivot points to plot one support level and one resistance level
  • Bullish market: S1 and R2
  • Bearish market: S2 and R1
  • Neutral market: S1 and R1
The type of market is determined by comparing the pivot point to its three-day average. PPS also uses two proprietary moving average settings to help visualize market conditions...
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