Normalized Oscillators Spider Chart
Jun 28, 2021
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This innovative trading indicator visually overlays a spider chart onto your current chart setup, leveraging the power of various normalized oscillators. The spider chart is customizable, allowing traders to focus on specific oscillators by hiding certain spokes directly from the settings. This feature offers a uniquely comprehensive view, blending several financial metrics into a single cohesive graphic, ideal for any trader's strategy.
Customizing the Oscillators
- RSI: Toggle the Relative Strength Index spoke on the spider chart and adjust the length setting beside it.
- %K: Activate the Stochastic Oscillator "%K" spoke and modify the length setting.
- COR: Customize the Correlation Oscillator spoke length beside its toggle option.
- MFI: Adjust the Money Flow Index oscillator spoke and its respective length setting.
- WPR: Configure the Williams Percent Rank oscillator spoke with a personalized length.
- %UP: Manage the percentage of upward variations spoke along with its length.
- CMO: Adjust the Chande Momentum Oscillator's spoke length setting.
- AOS: Modify the Aroon Oscillator spoke and control its length setting.
- Global Oscillators Length: Opt for synchronized length settings tailored to every oscillator, set by the toggle.
Style Adjustments
- Spider Chart Length: Set the horizontal span of the spider chart as preferred.
- Spider Chart Offset: Adjust the spacing between the latest bar and the spider chart's left edge.
How to Trade with the Spider Chart Trading Indicator?
Spider charts serve as dynamic and potent visualization tools, especially for understanding multiple variables contemporaneously. The integration of this chart within your trading indicator toolkit empowers you to assess trend directions without cluttering your visuals with multiple separate indicators. It further aids in recognizing overbought or oversold conditions through its intuitive design.
The dashed line denotes the median value for each oscillator on the chart.
Should you decide to streamline your chart's appearance, simply disable unwanted oscillators from the settings, and the spider chart will automatically adjust by reducing spokes.
The included sentiment meter displays collective oscillator results, offering a snapshot of market sentiment. A metric averaging near 50 suggests a ranging market, while deviations imply trending conditions. This trading strategy feature allows for quick and efficient market analysis.
Frequently Asked Questions
How do I access the spider chart trading indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
What does a higher sentiment meter reading suggest? A higher reading on the sentiment meter suggests a stronger prevailing trend, while readings closer to 50 indicate a range-bound market.
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Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, including, but not limited to, lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight, and are based on historical information. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.
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