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Possible change of a trend is traditionally allocated to color or graphic elements. Unique hybrid tools of the analysis are Chaykin's indicators, for example, the oscillator that represents a difference of moving averages from the. Chaikin Oscillator creates two main types of signals — crossings of the central line and divergence. It causes additional delay. Trade is carried out on the strategy similar to standard MACD: the strongest signal is crossing of zero level, weaker - turns in critical zones.
The further there is a turn point from the zero line, the trade signal of the indicator of Chaykin is stronger. If the current price long enough is above the average range of the prices, so buyers carried out consolidation of the positions and the cost of a financial asset grew. The closing price is closer to a maximum of trade range, the warrants for purchase are saved up more. And the price of closing of a financial asset is closer to a minimum of trade range, the this asset is on sale stronger.
The oscillator without overdrawing — trading signal in case of changing color. In practice, the advancing properties of indicators of this type are too exaggerated. Oscillators lines too nervously react to the active change in price, and during speculative throws they can't be used at all.
The modified MACD plots not the customary histogram, but the line similar to moving average based on data of the standard indicator in an additional window. The main tuning property of the complex indicator is b multiplier:. Sets of the same type indicators, such as the combined oscillators which work with data by identical methods, but, for example, from different timeframes, look rather reliable. Preliminary entry points are formed on the ends of kickback, that is in places of a possible refilling towards the current trend.
It is used on H4, H1, M On speculation — it isn't recommended too lies! A set of oscillators with different calculation procedures is more accurate. All parameters can be and even shall be! Trade signals on the timeframes from H1 above almost don't delay. The complex Forex indicators are also included the hybrid tools when the additional indicator is constructed on data of standard calculation, for example, moving average to the oscillator histogram or StochasticRSI.
In the latter case it is possible to get rid of shortcomings as much as possible: the sharp reaction of Sto c hastic even on insignificant price impulses and «sticking» of RSI about the extreme levels at a strong trend. Shortcoming: standard delay, therefore, options with expiration term not less than 1 hour are recommended. This type tools orders, time, a trade candle, trading sessions, results of trade indicators visualize the settlement and any other information in the form of helpful data.
Graphic, test, digital results are allocated on the screen freely, are highlighted, give sound signals and contain other usefulness. As a result, a lot of necessary the truth, most often, — superfluous! Information monsters, such as PerpetualProfitSoftware or iPanel can be used as global financial settlement center as they display urgent data of a set of standard indicators, the directions and time frames and even give the trade recommendations.
Data in a vertical direction — price dynamics on various periods. The shortcoming is the set of extra data distracts and disorients, besides, can encumber the screen. In the majority of indicator versions, the information is displayed only on one asset, is slowly updated and uses technical resources. Sometimes in the network, you can meet the complex Forex indicators which sense «is rather deeply dug». As a result of such experiments, the advantage of each component is lost and everything that is possible though approximately to consider a trade signal, has too low reliability.
For example, attempts to apply graphic patterns on oscillator data:. Among the indicators borrowed in the stock market, we can note the Brooky Rsi Ichimoku indicator — such «filter on the filter» combining sensitivity of RSI and the global analysis Ichimoku.
Data for construction — not usual price, but settlement data of the oscillator. This complex indicator «unloads» the main chart and builds all lines in an additional window. The RSI line green considerably increases the sensitivity of the indicator on the small periods.
We don't forget: the market constantly changes and complex Forex indicators first of all «suffer» from the financial assets change dynamics, and therefore demand for the constant parameters adjustment according to new conditions. The more difficult indicators in a set, the more often you have to correct.
As they say, too difficult — the enemy for good, at the same time the successful traders trading on the blank chart meets seldom. Complex Forex indicators, for sure, if they are correctly adjusted, will help to read the market, will prompt the moment for an entrance and an exit from the transaction and will react to changes in time. For convenience, they are traditionally displayed on the additional screen that didn't prevent support of transactions.
There are going to be certain occasions where using the ATR to set your stop loss will get you taken out right before the market rolls over in your initial direction. All forex trading strategies will inevitably experience losses, which is where good risk management comes into play — but I can guarantee you that this problem will be much worse if you use less than a 1 ATR stop distance, particularly on intraday timeframes. Just make sure to test your strategy over historical data first to make sure that whatever ATR stop you use enhances your edge instead of sabotaging it.
I believe it is important that all traders have at least a basic understanding of how their indicators function and what their intended purpose was when they were conceptualized. In futures trading the market has a close and an open each day which can result in gaps in price.
Therefore J. Once this value is calculated for historical bars, the current ATR value is typically determined by a period moving average of these values. This means that as markets expand and contract this volatility reading will adapt to the change in candle price ranges. What Is Pine Script? The RSI indicator cops a lot of flak in the forex trading community from certain forex traders, but I find it to be quite a useful tool if you use it appropriately.
It was created by the same guy who made the ATR indicator — J. But first of all, what is the RSI indicator and why was it made? It is an oscillator indicator which means it can only emit values between a range of 0 and It was originally designed for stock trading to determine price momentum objectively in the quest to identify overbought and oversold conditions.
A high RSI value means that many of the recent candles have been bullish, whereas a low RSI value means that most of the recent candles have been bearish. In forex it is used slightly differently. Unlike stocks and traditional markets, currencies can and will make moves that defy the laws of market physics — although stocks do that sometimes too.
But whenever there is a dramatic shift in global market fundamentals, cycles or overall conditions, some currencies will enter oversold and overbought territory for lengths of time that will make your eyes water. The most effective way to use the RSI indicator in forex trading is to spot momentum divergences — particularly on intraday trading timeframes. This may sound complex if you are new to forex trading but experienced traders know exactly what I am talking about.
RSI divergence is a common trading filter for a reason — it works. It is not a magical indicator that will never lose you trades. In fact, because it is typically used to pick tops and bottoms which is a style of counter-trend trading , it can be quite difficult for new traders to master.
But once you have experience with strategy development and analyzing price action effectively, the RSI can be used to develop consistently profitable trading strategies with the correct application under the right market conditions. Perhaps my favorite application of RSI divergence is on double-tops and double-bottoms that occur near major structure.
In the above example we have a double-top which occurred near a major higher-timeframe resistance level followed by a bearish engulfing candle confirming price failure. We also have divergence on the RSI. This means nothing to us yet. But then when we get a second top which fails at the exact same price as the first top, we do not get an equal or higher reading on the RSI indicator.
In fact we get a much lower reading that tells us the momentum leading up to this second top was not nearly as strong as the first top, which is a hint that maybe the buyers are exhausted at this level. So using a simple price action pattern to confirm our thesis in this case, a bearish engulfing candle , we go short. Using the ATR indicator we place a 1 ATR stop above the first top and place our target at the nearest major support level.
Winning trade. Obviously this is a cherry-picked example, but if you go through your historical data and test this strategy with the right rules and conditions you will find an edge with it. In this example price made an impulsive move down and went heavily oversold on the RSI, but then when price rolled over and made another lower-low, the RSI did not make a lower-low or equal low.
This can be a counter-trend setup that signals potential price exhaustion. I would recommend being extra careful with these setups personally I would only trade these setups near major levels of support. But it can be a profitable approach to counter-trend trading if used properly and with discretion. I would not recommend this strategy to new traders but experienced traders should definitely experiment with RSI divergence.
The examples above are both occurrences of regular divergence where price makes an equal high or higher high but the RSI makes a lower low or vice versa for bullish divergence. There is another lesser-known version of RSI divergence which can also be used to create profitable trading strategies, and that is called hidden divergence.
Bullish hidden divergence is characterized by price making a low, then rallying, then during the retracement price makes a higher low but the RSI prints a lower low. The opposite is true for bearish hidden divergence. Price makes a high, then falls lower, then during the retracement price makes a lower high but the RSI prints a higher high.
In the case of bullish hidden divergence, this is telling you that the trend is bullish price is making higher lows but the longs have panicked and over-sold the crap out of it — creating a potential capitulation buying opportunity for aggressive trend-continuation buyers.
Bearish hidden divergence is telling you that the trend is bearish price is making lower highs but buyers have gotten a little exuberant and FOMO has caused a buying frenzy — creating a great shorting opportunity for aggressive trend-continuation sellers. The obvious trading sin is to use it as an overbought and oversold signal.
The more subtle weakness with RSI divergence is that it is usually a counter-trend or at least a counter-momentum signal. You can find situations where RSI divergence occurs during trend-continuation but it is rare. More often than not this setup is trading against the underlying medium-term momentum which makes it tricky for some people to trade effectively.
There will be times when RSI divergence will fail and price will enter consolidation or form a flag pattern before heading higher or lower in the case of bullish divergence setups. As with all strategies, RSI divergence is not a foolproof trading method. The RSI formula is designed to give an objective indication of the magnitude of current price momentum.
It is an oscillator indicator which means the value it generates is capped between 0 to , with 0 representing extreme bearishness and representing extreme bullishness. A reading of 0 or is extremely unlikely. It would have to mean that the recent price action has been entirely bearish or bullish with no hint of weakness which is highly unlikely to ever occur. I have never personally seen an RSI reading hit 0 or but I have seen some markets get pretty close.
Bitcoin hit an RSI reading of 93 at the peak of its bubble if that gives you an indication of how extreme would be. The Exponential Moving Average indicator is another commonly misunderstood tool among forex traders. As the name implies, the Exponential Moving Average is another brand of moving average. There are several types of moving averages — simple moving averages, smoothed moving averages, linear weighted, etc….
They are all lagging indicators, so it is going to be how you use them that matters — not which one you use. Personally I choose to go with the Exponential Moving Average because I like how it is weighted to give recent price action priority over old price action. Similar to the ATR indicator, the EMA indicator is a moving average that adapts to market volatility or at least attempts to. The EMA value is calculated by averaging the closing price of the past X candles while giving extra weight to the most recent price action.
It admittedly has plenty of weaknesses which I will detail below, but it also has its place on this list for good reason. There are many ways to use the EMA to create profitable forex trading strategies, but my personal favorite is to combine the EMA as a trend and momentum filter with simple price action and candlestick patterns. This is a powerful strategy I learned from my mentor Steven Hart. Here is a demonstration of a variation of the strategy that I use:.
My personal strategy for intraday swing trading and trend-continuation uses a period EMA and engulfing candles as entry signals. Here are some examples of how you can use the Exponential Moving Average indicator combined with simple candlestick patterns to create a profitable forex trading strategy. By waiting for price to break below the EMA with an impulsive move and then waiting for an engulfing candle after a pullback that stays below the EMA , we can exploit high-probability trend-continuation opportunities.
Notice that I also use a 1 ATR stop loss for this setup. That is why the ATR indicator is number one on this list. It is invaluable for strategy creation. Obviously there must be much more to this strategy than simply shorting engulfing candles below the EMA in order to make it profitable.
You will need to backtest variations of rules and conditions yourself to find a profitable approach. If you are interested in learning more you can check out his website by clicking here. The bullish version of this setup is identical to the bearish version. This strategy works with both a trailing stop and a fixed target, although you will need to come up with your own price action rules and conditions for determining when to stand aside.
There are pros and cons to all these approaches. By waiting for a candle to close beyond the EMA you can confirm with better accuracy that it has failed to support price in your favor and therefore it is a good time to exit the trade.
The main drawback with this approach is obvious: you are risking giving up a lot of open profits if you wait until price retakes the EMA. But by getting creative with your rules and adjusting the EMA length, this can be a viable way to protect open profits. Another great way to use the EMA indicator is as a trend filter. If the Daily candle price is above the EMA or below it, then that is typically a good sign that the overall trend is bullish or bearish.
It can be hard for new traders to know which way price is more likely to go from here. By placing a period exponential moving average over the chart, the picture becomes much clearer. Likewise, if price gets back above the EMA and holds above it for a decent period of time then there is a better chance of it moving higher than lower for as long as that is the case.