The traffic light indicator is designed to be as simple as possible to avoid the steep learning curve that comes with many other indicators.
- A Green Circle indicated the price is likely to go up.
- A Red Circle indicates to price is likely to go down.
- A Yellow Circle means there's some indecision and you should consider tightening stops or taking profits if you're already in a trade.
The circles are derived from the combination of a dozen or so indicators with the goal to simplify trading and declutter the charts.
It doesn't need to paired with another indicator but having some simple moving averages and keeping an eye on the volume might help you identify possible take profit areas.
Versionshinweise
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Added ability to create alerts based on the indicator signals.
Nice. I found this when looking for a general market traffic light. Is there a way to only display a traffic light for a single ticker regardless of which chart I'm looking at? QQQE, for example.