Let’s walk you through the best TradingView indicators in 2022 to help you trade markets more effectively & profitability. These indicators used properly can be extremely powerful and will help you make better trading decisions. Here are the top five indicators that include traditional indicators along with MDX ALGO. MDX ALGO encompasses every indicator on this list into all one easy-to-use, ultra-powerful indicator. Let’s begin!
The Stochastic RSI is similar to the Relative Strength Index but the calculation puts more weight on the most recent price data. It’s a more exponential version of the Relative Strength Index. This is great for timing entries when using a shorter time-frame scalping strategy. Signals for bearish & bullish divergences on the Stoch/RSI will often result in a downwards or upwards move in price.
The VPVR shows you where most of the trading volume has taken place, basically the amount of buy and sell orders at a specific price level. This is useful in a support and resistance trading strategy, the area where most of the volume and liquidity has taken place will act like a magnet, this will allow you to effectively identify potential S/R levels.
The HVP is an extremely powerful indicator, especially on long-term timescales. It shows you where the volatility of the market is at any given moment in time. When it reaches the 100-marker level and is super red, you know it’s an area of high volatility. When it reaches levels 1-20, you can see it’s an area of low volatility. It doesn’t give you an indication of the direction of the market but it’s a great signal for when there’s tension building and a potential move looming.
Using HVP with forex chart patterns is extremely powerful. For example, in a symmetrical triangle formation, the volatility usually dampens towards the end of the triangle and breakouts happen when there’s an increase in volatility.
5. MDX ALGO Indicators (MDX ALGO)
The team at MDX ALGO have combined all the best features from the indicators mentioned above into one, easy-to-use powerful indicator. It gives you a long and short call in any market and on any timeframe.
Exhaustion points, Stochastic RSI and a trend line that uses Relative Strength and other indicators are all built into it, with the MDX ALGO 3 and the MDX Oscillator 5 working in confluence providing accurate buy and sell calls, along with warnings when price action is entering oversold/undersold territory. Below on the chart you can see easy to read orange dots on the oscillator flagging for bullish and bearish divergences.