Indicator-based analysis is used by many traders to help them make decisions on what trades to take and where to enter and exit them. TradingView has 100+ built-in indicators for market analysis, based on industry-standard formulas. The public library contains 5,000+ custom built indicators, created by talented community developers.Custom indicators are coded in the Pine programming language ... The McClellan Oscillator is a market breadth indicator based on the difference between the number of advancing and declining stocks on exchange. There are two modes of calculating the market breadth: simple and ratio-adjusted. In the simple mode, it is calculated as the plain difference between the number of advancing and declining stocks. The best indicator I could ever wish for. It tells you EXACTLY when to enter or exit a trade, shows you when the market is about to change direction. Trading has never been easier. And on top of that it works on ANY stock, forex pair, crypto coin or anything else that is here on TradingView. The dev is very friendly and has taught me a lot. There are a number of market studies out there, one of them being T2122 better known as the % of stocks making new 4-week highs/lows. In this demonstration, I have marked the left chart where weakness or divergences can be seen. In the 2nd chart the shaded areas in SPX correspond to the weakness in T2122… This simple indicator will help identify the 123 Patterns on the charts. It's build based on the zigzag indicator, which will work as a guideline to identify the 3 points. As soon as the price crosses the third point, the indicator will draw 3 lines: entry, take profit, and stop loss.
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