Understand Trading Tools
Less obvious perhaps are a checklist, a cheat sheet, a trading journal, a stock screener, a calendar, a currency correlation tool, specific reports, a market hours timetable, a news squawk, a handy tool to calculate pivot points or an optimal position size calculator.
They might be charting tools or newsgathering tools, the latest of the technology, or already delivered, you find them online or offline, traders who do know how complex trading is, are always relying on various must-have tools to support their trading. Selecting the right ones is crucial for smooth and efficient trading.
How trading tools can support your trading process
The indicator is a running total of up volume minus down volume. Up volume is how much volume there is on a day when the price rallied. Down volume is the volume on a day when the price falls. Each day volume is added or subtracted from the indicator based on whether the price went higher or lower.
It is similar to the on-balance volume indicator (OBV), but instead of considering only the closing price of the security for the period, it also considers the trading range for the period and where the close is in relation to that range.
Average Directional Index
"The average directional index (ADX) is a trend indicator used to measure the strength and momentum of a trend. When the ADX is above 40, the trend is considered to have a lot of directional strength, either up or down, depending on the direction the price is moving
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