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RWI - Random Walk Index

Posted in Indicators of technical analysis

RWI is an abbreviation of Random Walk Index. The technical indicator was developed by Michael Poulos and published in Technical analysis of Stocks and Commodities in February 1991 (the article was called "Of trends and random walks"). The main goal of the indicator is to determine whether the price is significantly trending or whether it makes just some random movements up and down (moving sideways). Because the RWI is a trend indicator, we can use it in similar ways as we use the ADX or Aroon indicators.

STC - Schaff Trend Cycle

Posted in Indicators of technical analysis

STC - Schaff Trend Cycle was created by Doug Schaff. STC combines the advantages of trend-following indicators, cyclic and counter-trend oscillators into one single indicator. Schaff Trend Cycle is not based on Close price (as is the case with other indicators) but its calculation is based on another indicator values. So the technical trader can get Buy and Sell signals excluding many false whipsaws. Moreover STC generates signals soon enough, even before the trend changes. That is the reason why it is considered being one of the best technical analysis indicators ever.

Zig Zag indicator

Posted in Indicators of technical analysis

Zig Zag (also zigzag indicator) is popular especially among technical traders whose aim is to identify current trend on the market. This indicator is used to remove the market noise from the price chart, so the trend can become much clearer. Unlike other indicators of technical analysis it does not compute exact numbers that would signalize the right time to sell or buy. It is more like chart patters – it is being drawn in a chart and makes the trend (also price swings) more visible. Zig Zag calculation can be based on more types of prices. It is usually calculated on Close prices, but can also be based at the High and Low average prices or OHLC prices.

TSI - True Strength Index

Posted in Indicators of technical analysis

The True strength index (also known as TSI indicator) was developed by William Blau. He published it in the “Technical Analysis of Stocks and Commodities” magazine in 1991 but we also suggest you reading his book “Momentum, Direction and Divergence” (1995). TSI indicator is in fact a momentum oscillator. The basic idea that stands behind it is to show both – the strength of the current trend and the overbought (or oversold) conditions. 

TRIX indicator

Posted in Indicators of technical analysis

TRIX indicator is an abbreviation of ‘TRIple eXponential’ as it is based on triple smoothed exponential moving average. It was developed by Jack Hutson, an editor for Technical Analysis of Stocks and Commodities magazine, in the early 1980’s. In fact, TRIX indicator is an oscillator (it oscillated around its centerline) that combines trend (moving averages are trend-following indicator) with its momentum. The main idea that stands behind TRIX is to filter price noise and insignificant price moves, so technical analysts can better see the trend and how much it dominates. 

CMO - Chande Momentum Oscillator

Posted in Indicators of technical analysis

Chande Momentum Oscillator (also known as CMO indicator) was developed by Tushar S. Chande – a well known technical analyst and futures markets trader and the author of ‘Beyond technical analysis’ book. The CMO indicator has been described first in another widely acclaimed book ‘The new Technical Trader’ (Tushar S. Chande and Stanley Kroll, year 1994).

CMO is similar to other momentum oscillators (e.g. RSI or Stochastics). Alike RSI oscillator, the CMO values move in the range from -100 to +100 points and its aim is to detect the overbought and oversold market conditions. Unlike the RSI oscillator, CMO calculates the price momentum on both – the up days as well as the down days. The CMO calculation is based on non-smoothed price values meaning that it can reach its extremes more frequently and the short-time swings are more visible.