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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: The Predictive Ranges indicator aims to efficiently predict future trading ranges in real-time, providing multiple effective support & resistance levels as well as indications of the current trend direction. Predictive Ranges was a premium feature originally released by LuxAlgo in 2020. The feature was discontinued & made legacy, however, due to its popularity and reproduction attempts, we deemed it necessary to release it open source to the community. |
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| apdusp said: This week I decided to test this very interesting indicator as a stop/trend. It reminds me of a simple indicator I made years ago using the Ulcer Index, but this one is clearly more elaborated. An innovative trading indicator designed to leverage the power of machine learning to enhance trading strategies. This tool combines advanced data processing capabilities with user-friendly customization options, offering traders a sophisticated yet accessible means to optimize their market analysis and decision-making processes. Importantly, this indicator does not repaint, ensuring that signals remain consistent and reliable after they are generated. |
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AVAILABLE TO VIP MEMBERS ONLY |
| MerryDay said: Confirming the RSI with the price action of the Heiken Ashi Candles assists traders; not just determine momentum, but to better analyze the strength and the direction of that momentum. This VIP indicator, has an additional smoothed longer trajectory which confirms the overall trend without relying on repainting MTF indicators. This indicator has a dynamic upper and lower boundary, as well as a midpoint based on the longer trajectory of the smoothed RSI, which a used as a signal line. Traditionally, above the signal line, is generally considered bullish, below bearish. But as everyone who has worked with oscillators know, there are many false triggers. This indicator seeks to assuage that, with the use of the HA candle patterns and reliance on the dynamic upper and lower boundaries. |
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| samer800 said: The Zero-Lag MA Trend Levels [ChartPrime] indicator combines a Zero-Lag Moving Average (ZLMA) with a standard Exponential Moving Average (EMA) to provide a dynamic view of the market trend. This indicator uses a color-changing cloud to represent shifts in trend momentum and plots key levels when trend reversals are detected. The addition of trend level boxes helps identify significant price zones where market shifts occur, with retest signals aiding in spotting potential continuation or reversal points. |
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FROM THE ARCHIVES: JUN 2021 |
| cos251 said: Day traders are interested in a moving average's slope because it provides a quick and easy way to identify the direction and strength of a short-term trend, allowing them to make informed decisions about entry and exit points based on the immediate momentum of the price action within a single trading day. Key points about using a moving average slope for day trading: Trend identification: A steep upward slope indicates a strong uptrend, while a steep downward slope suggests a strong downtrend. Momentum signal: The slope's change can signal shifts in momentum, allowing traders to react to potential trend reversals. Support and resistance: Moving averages can act as dynamic support and resistance levels, with price often bouncing off the line, especially when the slope is changing. Timeframe suitability: Day traders typically use shorter timeframes for their moving averages, allowing them to capture rapid price movements within a single trading session. |
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