There are many different kinds of TOOLS and INDICATORS that can be used when you peform your own Technical Analysis (TA).
TOOLS allow you to draw something onto a price action chart in order to visually analyze the price action in some way to help you make trading decisions. You MUST (Notice how we bolded and underlined the word “must”?) practice using tools to begin to develop a working relationship with them in your own TA before you use them to make trading decisions!!
Examples of tools are: Trend Lines, Drawing Tools, Fibonacci Extensions, Fibonacci Retracements, etc.
INDICATORS use math formulas, or specific data from the price action taking place over time, to provide you with meaningful information to help you make trading decisions. They may or may not display visually on your chart, depending on the indicator used and the settings applied to them. The common thing to keep in mind is that nearly all of them (especially any that are freely available on tradingview and used by many traders currently) are LAGGING indicators.
LEADING indicators do exist in order to attempt to predict future movements, but none of them will work 100% of the time. Just like with tools, any indicators you wish you use in your trading should be studied extensively in your desired market before ever being used for making trading decisions!!
Examples of indicators are: Volume, All Moving Averages, RSI, MACD, Bollinger Bands, etc.
BELOW ARE SOME OF OUR FREE TRAINER MIKE VIDEOS ON DIFFERENT TECHNICAL ANALYSIS INDICATORS. WE UPDATE THE VIDEOS IN THIS SECTION EACH TIME WE PUT A NEW VIDEO ON YOUTUBE RELATING TO THIS TOPIC!