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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! |
| cando13579 said: The Moving Average Convergence Divergence (MACD) indicator has several advantages for traders, including: Simple and reliable The MACD is a popular tool for both beginners and experienced traders because it's easy to use and provides reliable information. Identifies trends The MACD can help traders determine the direction and strength of price trends, such as uptrends, downtrends, or sideways movements. Shows momentum The MACD can help traders understand the speed and force of price changes. Generates signals The MACD can signal potential trend reversals when the MACD line crosses above or below the signal line. Shows overbought and oversold conditions The distance between the MACD line and the zero line can indicate overbought or oversold conditions... |
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| ShinJ said: Market noise in day trading is the random and irrelevant price fluctuations that can make it difficult to identify an asset's underlying trend. Just like static on a telephone line ruins a conversation, market noise does the same; it does not provide any useful information to the trade but complicates a trader’s ability to analyze and find the ideal entry and exit levels while trading on lower timeframes. Market noise can lead to false signals, which can result in losses and whipsaws. This indicator aims to outline an intraday price region where price moves do not result in any significant trend. It attempts to pinpoint the rise above market noise, seeking to find the trades most likely to result in big moves. |
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| MerryDay said: Analyzing sector performance allows traders to focus on sectors that are thriving and avoid those that may be struggling. The Sector Ranking Performance looks at the Stochastic momentum for each sector ETF and ranks them.If an overall sector for a stock is ranked highly; it stacks the deck in your favor. Example of use: 1. The Technology and Staples sectors are top ranked sectors on both middle and lower charts. These sectors are showing resilience and growth potential compared to others. 2. The Energy and Health Care sectors showed an interesting development between middle timeframe and lower timeframe charts. |
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| jagat said: The "Godmode Indicator" is a tool designed initially to provide Bitcoin ($BTC) support & resistance to cryptocurrency In this thinkscript adaptation, it plots S&P 500 ($SPY) support & resistance levels onto your instrument's chart. The Godmode Indicator can serve as a quick check to gauge where an asset aligns with broader market and/or is an intriguing deviation for potential reversion plays. Perfect for traders who thrive on spotting opportunities in trend alignment or divergences, and provides a friendly reminder: always stay alert for the broader market context. |
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FROM THE ARCHIVES: NOV 2020 |
| germanburrito said: Twiggs Money Flow is often considered superior to other money flow indicators because it incorporates "True Range" in its calculation, which allows it to better identify buying and selling pressure, especially when significant price gaps occur, unlike other indicators like Chaikin Money Flow that might be distorted by such gaps; additionally, Twiggs Money Flow utilizes exponential smoothing for a smoother signal, providing a more reliable indication of potential trend changes. |
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