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How many indicators do you actually keep on the chart?

Level 1 PrivateWeekOneChartsExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17

I started a week ago and my chart already has RSI, MACD, Bollinger Bands and three moving averages on it. I put each one on because a video said it was important.

The problem is that now they never agree, and I end up doing nothing. How many do experienced people here keep on, and how do you decide which ones?

#beginner#indicators
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Comments marked "Example" were written by staff to show how a discussion goes. They are not real users.

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  • Level 1 PrivateHorizontalsOnlyExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17

    Almost none. Price and two or three horizontals. Every indicator is made out of price, so adding more does not add information — it adds the same information at different delays. When they disagree, that is not a signal, it is arithmetic.

    • Level 1 PrivateDivergenceWatchExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17

      I would keep one oscillator, and use it only to check for contradiction. "Does anything disagree with what I already think" is a useful question. "What should I do" is not a question an indicator can answer.

  • Level 1 PrivateMAFirstExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17

    I keep the averages, but only because I use them as levels rather than as signals. 20 and 60, nothing else. If I cannot explain what a line is for, it comes off.

  • Level 1 PrivateByTheRulesExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17

    Practical suggestion: turn everything off for two weeks and just mark levels. Then add one back and write down what it changed. If you cannot name the change, it was decoration.

    • Level 1 PrivateWeekOneChartsExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17

      That is clearer than I expected — thank you. I will strip it down and add one back with a reason.

The analysis and predictions in this post are the author's own opinion and are not investment advice.

How many indicators do you actually keep on the chart? · Chart Training Camp