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

David45

Member
2019 Donor
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

Active member
2019 Donor
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

Well-known member
VIP
@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.
 
Last edited:

horserider

Well-known member
VIP
@David45 Think something like this would work for you?

pWUMu7J.png
 

horserider

Well-known member
VIP
@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.
 
Last edited:

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Top