Best Indicators/Oscillators To Trade Index ETFs on Daily Time Frame

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David45

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Hello!

I would very much appreciate any suggestions on which indicators/oscillators are best for trading index ETFs on the daily time frame. I am trying to capture the major trends long and short with the least amount of false signals or whipsaws. My goal is to make this as simple as possible . Check the indicator/oscillator every evening after work to see if it indicates whether to go long or short, or stay long or short. When the indicator/oscillator signals a change in trend, take the position the next day at the open with either a long or short (inverse) ETF.

Thank you in advance for any suggestions!
 
Shinthus

Shinthus

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I recommend drawing Fibonacci retracements and extensions and adding the typical Exponential Moving Averages and maybe the 50 day and 200 day SMAs. Then, use the oscillators on top of those. I don't currently swing trade so I might be way off on recommending these, but search the tutorial section of this site for RSI Laguerre and True Momentum Oscillator. You might like one or both of them. ALso, look for Stochastics Momentum Index in TOS.

These are just some suggestions. You could find your crucial oscillator somewhere else entirely.
 
markos

markos

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@David45 After reading what @Shinthus mentioned, search the Tutorial section here for RSI Laguerre and True Momentum Oscillator (TMO). "Best" is all depending on your trading style and comfort level.
Also look at Full Stochastics at settings of 21, 8, 3. < that is a Built in Study. Please fill out your signature area so that we know how best to help.
Lastly, get familiar with the Universe of Thinkscript in Tutorials & make sure you have a trading plan.
 
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horserider

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@jerrydinvestor Sorry I did that chart as an example. I am sure it has been erased. But it is very easy to set it up. Just ad three SMA s at 9 , 13 , and 30. Then add the macdhistogram which is standard in ToS. Change the values to what is shown 48, 104, 36 . Then switch colors red/green for positive down, negative up. And you have it. Just let me know if you have troubles.
 
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