I have a very simple environment for trading, the indicators I use are pretty common, except for one of them. They are tailored to my particular way of trading, you should use indicators that you trust and understand.
Average Volume
Length: 21
Exponential Moving Average (EMA)
Price: Close
Length: 30
Moving Average Convergence Divergence (MACD)
Fast Length: 12
Slow Length: 26
MACD Length: 9
Average Type: Exponential
Keltner Channels
I became a fan of these channels since I started using spiketrade.com, eventually I traveled to train with Dr. Elder and Kerry Lovvorn and since then I included it in my set of trusted indicators. They actually use ATR channels but my trading platform doesn’t have that so I ended using the closest thing available.
Factors at 1, 2 and 3
Length: 21
Price: Close
Average Type: Exponential
True Range Average Type: Simple
Mansfield Relative Strength
I found out about this indicator while reading Stan Weinstein’s book “Secrets for Profiting in Bull and Bear Markets”. In the book the formula seems to be quite simple, when I tried to implement it in my trading platform it wasn’t working that well. I found a reference of how it was actually implemented in:
www.chartmill.com - Mansfield Relative StrengthThat’s what I ended using whether it’s what the book was trying to say or not.