Since I started to study technical analysis last year I read about many indicators such as macd, stoch, rsi, and many others. I made several study notes about all of them, only to end up discarding their use, at least for the most part.
I have mentioned in previous posts that my technical analysis is mostly based on market structure, as well as supply and demand zones, and fair value gaps, along with similar concepts such as the mentfxblocks (MB). However, that doesn't mean I don't currently use indicators because I do, but I use them as secondary help that can allow me to have a better read on the market structure. I will mention the indicators I am using right now and why I use them. I use most of them for very simple reasons even though they could have more complex uses.
When I began to study the MBs at the end of last year, I realized that a zig-zag indicator could allow me to identify these blocks more easily. With time, it is possible to train our eyes and see these blocks or impulses quicker, so the indicator isn't really necessary, but I still have it on the chart in case I feel like I need it.
One thing I would like to try is a multi-timeframe zigzag tool that could allow me to set the indicator on a higher timeframe, and then watch the chart on a much lower time frame. So far I haven't found this option but if find anything I like I will be sharing it here.
You can find the zigzag indicator here: https://www.tradingview.com/script/I2xTwDzy-Zig-Zag-High-Low/
There is another concept I learned from the same mentor called triple M, which is basically a liquidation wick in the middle of a trend. In bullish cases, these wicks are when a candle has a lower low than the previous candle but closed above the previous candle's low. And in bearish cases, is when the candle has a higher high than the previous candle but closed below the previous candle's high. In the picture below, you can see the wicks painted yellow and white, those are triple M wicks but what's important to know is when to use them, because they happen all the time.
These wicks should only be considered after there is a market structure break in our trigger timeframe, and my triple M indicator allows me to set alerts for when these wicks appear.
Another indicator I also use is one that allows me to have automatic horizontal levels based on key timeframe-specific levels. The indicator can draw the previous week, days, highs,s and lows, among other similar levels. There are many indicators that do this but my favorite one is this one:
https://www.tradingview.com/script/PV6TowBV-Key-Levels-SpacemanBTC-IDWM/
I also have 2 EMAs indicators that were modified by me so I don't have a link to share but this type of indicator is very easy to find. I have a multi-timeframe EMA indicator, which allows me to see different EMAs from different timeframes. So many lines can be a bit overwhelming so when I use this indicator I mostly focus on the 200 EMAs.
The other EMA indicator is the normal one when you can have several EMAs of the timeframe you are watching. As of late, I haven't used the EMAs so much but I still have them in my layout. I will probably remove them down the road but I don't feel ready to remove them right now. In the past, I used EMAs to identify bullish or bearish trends, but nowadays I feel more comfortable using basic market structure, as well as liquidity zones.
Fair Value Gaps (FVGs), on the other hand, are when there is a violent move in either direction, and there are gaps when the price is simply traded through with 1 single candle. FVGs is the gap in price between 3 candles, with the second one being the candle of the violent movement.
These gaps can be drawn manually, but it is good to have a tool automatically drawing them for you. You can see an example of FVGs drawn by this indicator in the image below.
The link for the FVG indicator is this one: https://www.tradingview.com/script/G8b8t2er-FVG-Nephew-Sam/
The same coder created a multi-timeframe screener for FVGs which plots a little table in the chart indicating other timeframes where an FVG is still unfilled. I only discovered this indicator yesterday so I am considering whether to leave it in my layout or not, but right now I think it can provide me with good information.
This is its link https://www.tradingview.com/script/cbkH7nq4-FVG-Screener-Nephew-Sam/
Last but not least, I will now mention the only oscillator I am using. This is also the only private indicator I use and it is necessary to contact the creator to request access. It is called True Vibration, and it is the most complex oscillator you can think of.
The oscillator has several EMAs integrated, and it can even provide entry signals using the information from both the oscillator and also using a very basic but useful view of market structure and swing points.
Using this tool requires a lot of days and probably weeks of study given all the options it has and all the different strategies that could be applied with the information it provides. Lately, I have been using it only to monitor for possible market structure breaks in conjunction with supply/demand zones or MBs but in the next few days, the creator already announced he will be including new features and uses, and I might decide to use those new features for my own trading. If I do, I will probably share my experiences in a new post.
This is the link to the indicator but don't forget it is necessary to request access to the creator in order to use it: https://www.tradingview.com/script/MmlBMPYb-TRUE-Vibration-2-0/
These are all the indicators I currently have in my layout. I personally recommend studying pure price action and not to rely too much in indicators, but it cannot be ignored than sometimes a few indicators can speed up our own analysis.
About Dedicatedguy
I am a Venezuelan geek, cinephile and introverted guy. I have always been passionate about tech innovations as well as creative fictional stories that can make your mind inhabit another world.
Writing about various topics, learning about the ever-expanding crypto world, and doing a little bit of trading is how I spend most of my days. My preferred forms of entertainment are films, series, European football, and a good book from time to time.
I chose "dedicatedguy" as my username to constantly remind myself about the importance of consistency and dedication in order to achieve any desired result we might want in life.
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