The Ultimate Main Chart Indicator (UMCI) is a powerful tool for swing traders looking to enhance their analysis and decision-making process. This tool features a range of different indicators that are designed to get a good overview of the stock's health status.
One of the key features of the UMCI is its ability to display candlesticks in the color of high relative volume. This allows traders to easily identify the most heavily traded (breakout-)days.
Volume Candles in their default configuration are determined by the following factors: Up and Down days, relative volume, and a strong/weak close range. The strong/weak close range is determined by marking bars with a "strong" color only if the close price is higher/weaker than 60% or 40% of the bar range - otherwise the color gets downgraded by one level (for example from strong green upday to medium strong blue upday). The main options for Volume Candles are the "Multipliers", where a multiplier of 1.5 represents 150% relative volume. For example, if there is an up day closing above 60% of its range and the volume is above the defined moving average threshold times the multiplier, the bar will be colored green.
In addition to candlestick coloration, the UMCI also displays the 8 different Reversal Patterns which have been categorized into 3 groups: Weak, strong, and very strong. A weak signal indicates that the pattern is not rare and the results it produces are mediocre, while a very strong signal means that the pattern is less common and the signal is more reliable. These patterns, which are displayed as green/gray dots below the candle, can help traders identify potential turning points in the stock. You can find more information about these patterns in the book "Encyclopedia of Chart Patterns" by Thomas N. Bulkowski.
As a tool designed for swing trades, it is important to include some of the key concepts from Mark Minervini. The bad price behavior signal indicates that a position should be reduced or closed entirely and is displayed in the form of violations points ranging from 1 to 6 (with 6 being the worst). You can enable this signal, which will display a red dot above the candlesticks. In the default setting, the threshold is set to 5, meaning that if 5 of the 6 specified violations are true, the signal will appear. The counter resets after each new pivot high.
The Trend Template is another popular method by Mark Minervini to identify a confirmed stage 2 uptrend. The criteria can be found in the book "Trade like a stock market wizard" by Mark Minervini. The indicator can be in one of three valid true states:
In addition to these features, the UMCI also includes:
- The Profit Taker indicator developed by Jim Berg. You can enable this signal as a small green square above the candlesticks or as the profittaker line to better visualize it on the chart.
- ADR (Average Daily Range) in percentage
- Relative strength (RS) rating that ranges from A+ to D. A+B indicates that the relative strength is higher compared to the benchmark index, while C+D indicates a worse performance.
The RS values A+ to D can be roughly classified as follows (high values are better):
The Dashboard is displayed as the four boxes on the top right in the example screenshot of this indicator. The font size, width of the boxes, as well as the reference symbol/index for the RS indicator can all be adjusted.
All of these indicators including colors and dashboard visibility are individually adjustable, allowing traders to customize their analysis and make the most out of this powerful tool.
Performance has been a key focus for us. To further optimize performance, we have made sure that nothing is calculated in the background if it is disabled in the options.
Chart settings for best visual results
Symbol
Up Color: #b0b0b0
Down Color:#848484
Appearance/Chart Basic Styles
Background: Gradient; #2b2d33, #26282d
Vert grid lines: #5d606b, Opacity 9%; Line
Horz grid lines: #5d606b, Opacity 26%; Dashed line
One of the key features of the UMCI is its ability to display candlesticks in the color of high relative volume. This allows traders to easily identify the most heavily traded (breakout-)days.
Volume Candles in their default configuration are determined by the following factors: Up and Down days, relative volume, and a strong/weak close range. The strong/weak close range is determined by marking bars with a "strong" color only if the close price is higher/weaker than 60% or 40% of the bar range - otherwise the color gets downgraded by one level (for example from strong green upday to medium strong blue upday). The main options for Volume Candles are the "Multipliers", where a multiplier of 1.5 represents 150% relative volume. For example, if there is an up day closing above 60% of its range and the volume is above the defined moving average threshold times the multiplier, the bar will be colored green.
- (the option: "Strong/week close range" is optional and can be disabled)
- Upday and multiplier 2: green
- Upday and multiplier 1: blue
- Downday and multiplier 2: red
- Downday and multiplier 1: pink
In addition to candlestick coloration, the UMCI also displays the 8 different Reversal Patterns which have been categorized into 3 groups: Weak, strong, and very strong. A weak signal indicates that the pattern is not rare and the results it produces are mediocre, while a very strong signal means that the pattern is less common and the signal is more reliable. These patterns, which are displayed as green/gray dots below the candle, can help traders identify potential turning points in the stock. You can find more information about these patterns in the book "Encyclopedia of Chart Patterns" by Thomas N. Bulkowski.
- Red Dog Reversal -> Weak, gray
- Upside Reversal -> Weak, gray
- OOPS Buy -> Strong, light green
- Bullish Kicker -> Strong, light green
- Three Bar Break -> Strong, light green
- Power of 3 -> Very strong, bright green
- Abandoned Baby -> Very strong, bright green
- Above the Stomach -> Very strong, bright green
As a tool designed for swing trades, it is important to include some of the key concepts from Mark Minervini. The bad price behavior signal indicates that a position should be reduced or closed entirely and is displayed in the form of violations points ranging from 1 to 6 (with 6 being the worst). You can enable this signal, which will display a red dot above the candlesticks. In the default setting, the threshold is set to 5, meaning that if 5 of the 6 specified violations are true, the signal will appear. The counter resets after each new pivot high.
- More bad closes than good closes
- More than 4 new consecutive lower lows
- Close below SMA20 line
- Close below SMA50 line
- More than -5% from Pivot High (interpreted as "Wide and volatile price action")
- More down days than up days
The Trend Template is another popular method by Mark Minervini to identify a confirmed stage 2 uptrend. The criteria can be found in the book "Trade like a stock market wizard" by Mark Minervini. The indicator can be in one of three valid true states:
- 5M = TT criteria and SMA200 > than 5 month ago, RS outperform market (default SPX)
- 1M = TT criteria and SMA200 > than 1 month ago, RS outperform market (default SPX)
- 5M_Wide = TT criteria and SMA200 > than 5 month ago without the criteria RS and C > SMA50
In addition to these features, the UMCI also includes:
- The Profit Taker indicator developed by Jim Berg. You can enable this signal as a small green square above the candlesticks or as the profittaker line to better visualize it on the chart.
- ADR (Average Daily Range) in percentage
- Relative strength (RS) rating that ranges from A+ to D. A+B indicates that the relative strength is higher compared to the benchmark index, while C+D indicates a worse performance.
The RS values A+ to D can be roughly classified as follows (high values are better):
- A+ = RS 90-99
- A = RS 70-90
- B = RS 60-70
- C = RS 40-60
- D = RS 1-40
The Dashboard is displayed as the four boxes on the top right in the example screenshot of this indicator. The font size, width of the boxes, as well as the reference symbol/index for the RS indicator can all be adjusted.
- RS = Relative Strength Rating
- TT = TrendTemplate
- VIO = Minervini Violations
- ADR = Average Daily Range in Percentage
All of these indicators including colors and dashboard visibility are individually adjustable, allowing traders to customize their analysis and make the most out of this powerful tool.
Performance has been a key focus for us. To further optimize performance, we have made sure that nothing is calculated in the background if it is disabled in the options.
Chart settings for best visual results
Symbol
Up Color: #b0b0b0
Down Color:#848484
Appearance/Chart Basic Styles
Background: Gradient; #2b2d33, #26282d
Vert grid lines: #5d606b, Opacity 9%; Line
Horz grid lines: #5d606b, Opacity 26%; Dashed line
릴리즈 노트:
Fixed an error where the VIO indicator was unable to load correctly and displayed a 'Study Error'.