This chart utilizes 2 indicators. The Directional Movement Index indicator and a custom Volume Oscillator.
After thousands of hours of trial and error, I've found that the DMI (directional movement index) is one of the best indicators to use.
However, volume is a vital indicator, yet it lacks the ability to know if bullish volume or bearish volume is in control with standard volume indicators. My volume indicator tracks both bullish volume and bearish volume so you can see which one is in the lead position.
When you combine the two indicators, it paints a much more interesting picture.
Yet a problem still remains. As with any single indicator, you only have 1 input to direct you. I like to view multiple fibonacci moving averages to help me find a "consensus". This consensus helps me gauge aggressive and conservative fibonacci lookback periods.
The point is that combining these 2 indicators (DMI, and Volume Oscillator) along with different fib levels, helps you paint a better picture of the health of a market.
It's up to you to decide what the consensus of data means. Realizing that you are getting a consensus of data rather than 1 point of data is the "secret sauce"
Hope this helps some of my followers
This chart is shareable. So it should give you access to the indicators - I hope.
Cheers and enjoy the scalping
After thousands of hours of trial and error, I've found that the DMI (directional movement index) is one of the best indicators to use.
However, volume is a vital indicator, yet it lacks the ability to know if bullish volume or bearish volume is in control with standard volume indicators. My volume indicator tracks both bullish volume and bearish volume so you can see which one is in the lead position.
When you combine the two indicators, it paints a much more interesting picture.
Yet a problem still remains. As with any single indicator, you only have 1 input to direct you. I like to view multiple fibonacci moving averages to help me find a "consensus". This consensus helps me gauge aggressive and conservative fibonacci lookback periods.
The point is that combining these 2 indicators (DMI, and Volume Oscillator) along with different fib levels, helps you paint a better picture of the health of a market.
It's up to you to decide what the consensus of data means. Realizing that you are getting a consensus of data rather than 1 point of data is the "secret sauce"
Hope this helps some of my followers
This chart is shareable. So it should give you access to the indicators - I hope.
Cheers and enjoy the scalping