Technical Indicators
These are the indicators available on Medved Trader charts. Some of these are usually placed on the main chart overlaying the price action, and some can be placed on a separate chart panel at top or at bottom.
Main Chart Indicators
3 Touch Trendlines - generates all possible trendlines that are defined by 3 points on the chart, within the parameters specified.
Developed by Price Headley, it is a trading envelope factoring in the security's volatility. Usually is a bit wider than Bollinger Bands.
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A moving average that is similar to EMA, except it constantly adapts its period to the stock's volatility based on its RSI.
Created by Bill Williams, the Alligator indicator shows trends as they are established and break.
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Originally by Welles Wilder, sets a trailing stop based on a multiple of Average True Range
Generates, if possible, two trendlines - one ascending, one descending, based on local maxima/minima in the period specified.
The strength parameter determines how many candles have to form the local maximum/minimum.
Developed by John Bollinger, this is an envelope plotted several standard deviations away from a moving average.
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Developed by Charles Le Beau. Shows a trailing stop based on ATR above/below the period low/high.
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ClearLines - developed by Kipp Cohen in 2018. The clear lines follow the basic theory of momentum.
Buying and selling momentum is captured and displayed in an easy-to-follow red and green line. Green over red indicates that there is more buying momentum. Red over green indicates that there is more selling momentum. The higher the angle of the green line when going up indicates a stronger up trend. The lower the angle of the red line when going down indicates a stronger down trend.
The up (green) and down (red) arrows indicate a trend reversal or a trend continuation.
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Buying and selling momentum is captured and displayed in an easy-to-follow red and green line. Green over red indicates that there is more buying momentum. Red over green indicates that there is more selling momentum. The higher the angle of the green line when going up indicates a stronger up trend. The lower the angle of the red line when going down indicates a stronger down trend.
The up (green) and down (red) arrows indicate a trend reversal or a trend continuation.
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Plots another symbol's data on the chart, to compare its movement to the chart symbol's.
Delta Divergence - looks for a discrepancy between delta (the difference of volume on bid vs ask) and price movement.
At minimum or maximum (local or daily) check the bid/ask order delta, and if it is contrary to the price movement, show a buy or sell arrow.
Double Exponential Moving Average - developed by Patrick Mulloy in 1994. Attempts to reduce the lag time of the standard EMA.
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Another pivot calculation, created by Thomas DeMark
More info here
On a historical chart, shows dividends, splits and earnings for the symbol.
Elastic Volume Weighted Moving Average - incorporates volume information in the moving average.
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Another pivot system, based on Fibonacci numbers.
Fractal Adaptive Moving Average - uses fractal geometry to dynamically adjust its smoothing period to suit the changing price action over time.
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Hull Moving Average - developed by Alan Hull, attempts to eliminate lag and improve the smoothing.
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Draws a horizontal line on the chart. Other than a user-specified value, can draw various pre-set values such as Previous Close, Open, VWAP etc.
Named after Chester W. Keltner. Sometimes modified by using EMA instead of SMA for the center line, and True Range instead of High-Low range for calculating the channel width.
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Does regression analysis on the data that may be pre-smoothed, projects the regression line.
calculates a linear regression line and plots its endpoint.
a simple band set a % above and below a moving average.
More info here
MA Rainbow - set of more and more smoothed moving averages
Moving Average Ribbon - several moving average of differing periods put together in a ribbon.
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A modified version of Parabolic SAR.
Shows very short term momentum trend as a box either on top of the chart (for positive trend) or on the bottom.
Invented in Japan and usually used as 2-line or 3-line break. MT displays it not as a chart type but as an indicator, with "lines" represented by the colored boxes.
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Shows horizontal lines for the High and Low for the specified period from start of trading session. Most commonly used with 30 minute and 5 minute ranges
Developed by Richard Donchian. Shows highest high and lowest low (or highest close/lowest close, if picked) for the selected period.
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Calculates a regression channel line for the period and shows the channel on it based on standard deviation.
Simple Moving Average - an arithmetic average of the price for the last N periods.
Smoothed Moving Average - similar to the SMA, but tries to take previous prices to the N period into account as well
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Shows trend direction and price volatility around the trend. The mid line is the linear regression curve.
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Stoller Average Range Channels Bands - developed by Manning Stoller, this is an envelope plotted several ATRs from an SMA.
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Super Trend - based on the assumption that volatility in the market is 'noise' and tries to create a trailing stop just outside the 'noise' level. One of the parameters is the multiple of the volatility of the market, and adjusting it will adjust the sensitivity of the noise filter.
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Plots vertical lines every N minutes.
Based on the assumption that volatility in the market is 'noise', it tries to create a trailing stop just outside the 'noise' level. One of the parameters is the multiple of the volatility of the market, and adjusting it will adjust the sensitivity of the noise filter.
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Shows the amount of volume for every price range in the day or some historical period, subdividing the volume into bid/ask volume.
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Volume Weighted Average Price - sum of all the money trades (price * volume) divided by total volume
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Volume Weighted Average Price Bands - plots a VWAP and a band around it based on standard deviation.
This moving average weighs the price of each bar with the volume of that bar. In this way, bars with higher volume will have heavier weight in the computation of the average. An N-period VWMA first sums the product of the volume and the price for each of the last N bars. This product is then divided by the sum of the volumes to give the resulting average.
Weighted Moving Average - the data is weighted in favor of the most recent observations.
Very similar to the standard Pivot Points. The difference is that the initial Pivot Point is defined as the average of the high, low of the previous day and double the opening price of current day (H+L+O+O)/4.
Separate Chart Indicators
A momentum indicator that shows whether the security is being generally accumulated (bought) or distributed (sold). It seeks to identify divergences betweenthe price and volume flow. Its formula:
Acc/Dist = ((Close – Low) – (High – Close)) / (High – Low) * Volume
Average Direction Index - developed by Welles Wilder. Shows the strength of the trend, whether the trend is positive or negative - the higher the value, the stronger the trend.
The two Directional Movement Indicators (DMIs) show whether the trend is positive or negative - that is, if DMI+ is higher than DMI-, the trend is positive, otherwise negative.
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The two Directional Movement Indicators (DMIs) show whether the trend is positive or negative - that is, if DMI+ is higher than DMI-, the trend is positive, otherwise negative.
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Average Directional Movement Rating - a moving average of ADX. Some traders think it reflects trends better than ADX.
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Adaptive Moving Average Binary Wave - created by Perry Kaufman in 1998. Uses AMA to create a simple On/Off switch.
A moving average of candle range.
Created by Bill Williams. Basically a difference between a short term and a long term moving average.
Bid/Ask Volume Trend - for each candle, shows the difference between volume of trades at ask (buys) and volume of trades at bid (sells).
NOTE: is only accurate for tick quote data, not on backfilled one-minute charts.
NOTE: is only accurate for tick quote data, not on backfilled one-minute charts.
Bressert Double Smoothed Stochastic - developed by Walter Bressert.
Like other stochastic indicators, it is an overbought/oversold indicator, with 20 and 80 being the oversold/overbought limits.
Like other stochastic indicators, it is an overbought/oversold indicator, with 20 and 80 being the oversold/overbought limits.
Center of Gravity - created by John F. Ehlers
Shows the Percent Rank of each candle's change from previous candle for the period specified.
Directional Movement Indicator - created by J. Welles Wilder, published in his book New Concepts in Technical Trading Systems.
It identifies in which direction the price of an asset is moving. The indicator does this by comparing prior highs and lows and
drawing two lines: a positive directional movement line (+DI) and a negative directional movement line (-DI)
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Developed by Alexander Elder. Combines stock's direction, extent and volume into an oscillator that demonstrates the stock's "balance of power".
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Also called True Strength Indox, it is a momentum indicator developed by William Blau. It is a cross between a relative strength indicator and a MACD indicator.
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Created by William Blau. It is a double smoothed ratio of the difference between the Close and Open of each bar to the difference between its High and Low.
Fast Stochastic - the raw stochastic line (%K) is calculated as the position of current price in the range of highest high and lowest low for the time period for %K. It is then exponentially smoothed to produce the %D line.
Fisher Transform - published by John Ehlers in the Stocks and Commodity Magazine Nov. 2002. It is used to identify price reversals and is based on the assumption that prices behave like a square wave and do not follow a Gaussian or normal distribution."
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Force Index - An oscillator that measures the force, or power, of bulls behind particular market rallies and of bears behind every decline.
The three key components of the force index are the direction of price change, the extent of the price change, and the trading volume. When the force index is used in conjunction with a moving average, the resulting figure can accurately measure significant changes in the power of bulls and bears. In this way, Elder has taken an extremely useful solitary indicator, the moving average, and combined it with his force index for even greater predictive success.
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The three key components of the force index are the direction of price change, the extent of the price change, and the trading volume. When the force index is used in conjunction with a moving average, the resulting figure can accurately measure significant changes in the power of bulls and bears. In this way, Elder has taken an extremely useful solitary indicator, the moving average, and combined it with his force index for even greater predictive success.
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Full Stochastic - a general version of the Stochastic. The third parameter is the smoothing parameter. If set to 1, makes the line a Fast Stochastic. If set to 3, it becomes a Slow Stochastic.
Created by Bill Williams, it is supplemental to the Alligator indicator. It shows the degree of convergence/divergence of the Alligator's three lines and helps discern the trending (awake) and non-trending (slumber) patterns.
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Inverse Fisher Transform RSI - authored by John Ehlers. Creates an oscillator from weighted moving average the relative strength index (RSI) of the price.
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Also known as KST - developed by Martin Pring. An oscillator that swings above and below zero, based on 4 different weighted Average ROC (Rate of Change) indicators.
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Moving Average Convergence Divergence - created by Gerald Appel. All-purpose indicator that is supposed to show the direction, strength and momentum of price movement.
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Shows only the histogram of MACD
Our-variation on Chaikin Oscillator. The difference is that the Chaikin Oscillator accumulates the values whereas Medved Oscillator just uses the current "Money Flow" value for the candle.
Money Flow Index - created by Gene Quong and Avrum Soudack. Is also known as Volume-Weighted RSI.
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Shows the difference between current price and the price N periods ago, with the signal line being an EMA of the main line.
This indicator is the same as the Rate of Change indicator, except ROC's scale is in percent while Momentum's scale is absolute.
A bit similar to MACD, this indicator is the difference between two SMAs of different periods, plotted as a histogram. The coloring of the histogram shows the trend.
Moving Slope Rate of Change - uses the slope of a least-squares line to calculate rate of change, instead of the price.
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Shows the total # of trades that the candle contains.
Shows a cumulative total that adds the bar's volume when the price goes up during the period and subtracts the bar's volume when the price goes down.
A measure of how active the trading volume is compared to the average trading volume over a user-selected period of time.
This indicator reflects closing price as a percentage of its position in the range between the lower and upper Bollinger Bands.
Very similar to MACD, this indicator based on the difference between two moving averages as a percentage. It is calculated by dividing the difference between two moving averages by the value of the shorter moving average.
Shows only the histogram of PPO
Same as the "pressure" that can be display on the right of the chart - shows the difference in volume between trades at ask or above vs trades at bid or below for the last 30 trades.
This indicator is related to the Pressure Bars indicator. It oscillates between -1 and 1, showing whether the trades at bid or trades at ask are more prevalent in the trades for the period.
Plots symbol's price divided by another symbol's price.
Price Spread - plots symbol's price minus another symbol's price.
Price-Volume Trend - For each time period, add dP*dV to the value, where
dP = change in Price for the time period
dV = change in Volume for the time period
Shows the volume strength of price moves.
dP = change in Price for the time period
dV = change in Volume for the time period
Shows the volume strength of price moves.
Tushar Chande:, "Qstick extracts the essence of the candlestick approach by taking a moving average of the difference between the closing and the opening price. …It can be plotted over a candlestick chart to spot divergences. …When markets make giant price moves, a slackening of the momentum can be seen when Qstick crosses its trailing average. ………A longer term, trend following approach with Qstick is to use the zero crossing of the Qstick values."
Rainbow Oscillator - built on the MA Rainbow indicator
Rate of Change
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Combines Slow Stochastics and the MACD. The improved signal line gives the STC better ability to act as an early warning sign to detect trends.
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Slow RSI - The Slow Relative Strength Index is a version of the classic Relative Strength Index (RSI), adapted for usage on longer-term charts. While closely resembling the RSI, its calculation mechanism involves comparing the close price with its exponential moving average instead of its previous value. The overall sense of the indicator, though, remains the same: it compares the magnitude of a stock's recent gains to the magnitude of its recent losses on the scale from 0 to 100.
Slow Stochastic - the smoothed version of the Fast Stochastic.
A measure of the stock's volatility.
Stochastic of Money Flow Index
Stochastic of RSI
Stochastic of RVI
The same as Full Stoch, but instead of the regular EMA it uses the T3 moving average formula to smooth the final line (the signal line is still EMA).
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Also called Ergodic.
Vertical Horizontal Filter - developed by Adam White, determines whether prices are in a trending phase or a congestion phase.
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Each candle's volume.
Weis Wave Volume - accumulates trend volume
Two CCI plots, the main one color coded for up/down 5 consecutive above/below 0. The zero line is color-coded for price above/below LSMA. Usually used with the other two Woodie's indicators - Sidewinder and Chop Zone.
