2024 -- June 5th newsletter


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Multi Pivot Points, Ophir Gottlieb CLMviz Bullish Indicator, Multiple Divergences, 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!


This indicator is a trend filter based on Fibonacci retracement levels.
How to read:
  • There are three filled zones --> red, yellow and green
  • If the price is inside red zone, there is a downtrend on the market
  • If the price is inside the yellow zone, there is a sideways trend on the market
  • If the price is inside the green zone, there is a uptrend on the market
Also, candles are going to have a corresponding color based on the current trend

strehsum said:

Divergences are well-known tool for finding trend reversals. Powerful, yet... unreliable.

Sometimes they show up, sometimes they don't. Sometimes they really mean trend end, sometimes the trend continues. I've witnessed countless discussions about which indicator to hunt for divergences on. All pointless.

Earlier today I found a very inspirational script by Lonesometheblue...

MerryDay said:

In the bustling bazaar of the stock market, tracking the average daily trading volume is akin to gauging the buzz around a food truck.

A line stretching around the block signals that this is the place where the in-people eat. High average volumes indicates a stock where the institutional traders are hanging out.

Why is this important?
If the market indices are rallying. The stocks with high institutional interest will see the most movement. Also, high average volumes...
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petertn said:

This multi pivot indicator allows you to plot and overlay different types of pivot points from multiple different time frames:

Floor Traders
These pivot levels seems to be well respected by SPY from daily trading.


theelderwand said:

This is the bullish momentum indicator from CMLviz (Capital Market Laboratories) posted by Ophir Gottlieb.

It identifies:

downtrended stocks climbing above their 200sma (a critical juncture used by algos)
is above short ma to confirm momentum
but not overbought as determined with RSI
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