*** Full description in the comment below ******
This chart has 3 indicators:
- Chande's R2
- Inverse Fisher Transform on CCI
Feel free to "make mine" (click on the SHARE button) and use these indicators in your charts.
These 2 indicators are derivative work from Jim Hurst's book - "The Magic of Stock Transaction Timing".
The bands are % bands around a median that gets calculated according to Hurst's formula. The outer bands (called ExtremeBands) signify extreme overbought/oversold conditions. Inner bands signify potential pullback points. As you can see, they also act as...
All these indicators are by Mel Widner.
Projection Bands :
These project market data along the trend with the maxima and minima of the projections defining the band. The method provides a way to signal potential direction changes relative to the trend. Usage is like any other trading band.
Volatility Quality Index (VQI), by Thomas Stridsman, points out the difference between bad and good volatility in order to identify better trade opportunities in the market.
This plots 3 lines:
- Red line is the VQI (actually, sum of VQI).
- Green line is the 9-period SMA of sum_of_VQI.
- Orange line is the 200-period SMA of sum_of_VQI.
Stridsman suggested to...
***** NOTE: You may see all GREEN circles (it is due to a recent TV update). To work around this issue, change the "Circles" to "Cross" via Format -> Style *****
Market Facilitation Index, by Bill Williams, plots the effectiveness of price movement by computing the price movement per volume unit.
4 possible combinations of MFIndex and Volume are:
TMF is a CMF (Chaikin Money Flow) variation that addresses some of the gaps in the original indicator. More info: www.incrediblecharts.com
TMF uses true range, rather than daily Highs minus Lows. Also, uses Wilder's MA rather than SMA/EMA.
Since I had to write Wilder's MA (WiMA) for TMF, I have published that also as a...
The Two Versions of this Indicator I learned from Two Famous and Highly Successful Traders. This Indicator shows With No Lag Clear Up and Down Trends in Market by Documenting Clearly If Bulls or Bears are in Control. The Version In SubChart 1 Shows Consecutive Closes if the Current Close is Greater than of Less than the Midpoint of the Previous Bar (Why Midpoint...