Ultimate Main Chart Indicator (Tradingview)

The Ultimate Main Chart Indicator (UMCI) is a powerful tool for swing traders looking to enhance their analysis and decision-making process. This tool features a range of different indicators that are designed to get a good overview of the stock's health status.

One of the key features of the UMCI is its ability to display candlesticks in the color of high relative volume. This allows traders to easily identify the most heavily traded (breakout-)days.

Volume Candles in their default configuration are determined by the following factors: Up and Down days, relative volume, and a strong/weak close range. The strong/weak close range is determined by marking bars with a "strong" color only if the close price is higher/weaker than 60% or 40% of the bar range - otherwise the color gets downgraded by one level (for example from strong green upday to medium strong blue upday). The main options for Volume Candles are the "Multipliers", where a multiplier of 1.5 represents 150% relative volume. For example, if there is an up day closing above 60% of its range and the volume is above the defined moving average threshold times the multiplier, the bar will be colored green.

• (the option: "Strong/week close range" is optional and can be disabled)
• Upday and multiplier 2: green
• Upday and multiplier 1: blue
• Downday and multiplier 2: red
• Downday and multiplier 1: pink

In addition to candlestick coloration, the UMCI also displays the 8 different Reversal Patterns which have been categorized into 3 groups: Weak, strong, and very strong. A weak signal indicates that the pattern is not rare and the results it produces are mediocre, while a very strong signal means that the pattern is less common and the signal is more reliable. These patterns, which are displayed as green/gray dots below the candle, can help traders identify potential turning points in the stock. You can find more information about these patterns in the book "Encyclopedia of Chart Patterns" by Thomas N. Bulkowski.

• Red Dog Reversal -> Weak, gray
• Upside Reversal -> Weak, gray
• OOPS Buy -> Strong, light green
• Bullish Kicker -> Strong, light green
• Three Bar Break -> Strong, light green
• Power of 3 -> Very strong, bright green
• Abandoned Baby -> Very strong, bright green
• Above the Stomach -> Very strong, bright green

As a tool designed for swing trades, it is important to include some of the key concepts from Mark Minervini. The bad price behavior signal indicates that a position should be reduced or closed entirely and is displayed in the form of violations points ranging from 1 to 6 (with 6 being the worst). You can enable this signal, which will display a red dot above the candlesticks. In the default setting, the threshold is set to 5, meaning that if 5 of the 6 specified violations are true, the signal will appear. The counter resets after each new pivot high.

• More bad closes than good closes
• More than 4 new consecutive lower lows
• Close below SMA20 line
• Close below SMA50 line
• More than -5% from Pivot High (interpreted as "Wide and volatile price action")
• More down days than up days

The Trend Template is another popular method by Mark Minervini to identify a confirmed stage 2 uptrend. The criteria can be found in the book "Trade like a stock market wizard" by Mark Minervini. The indicator can be in one of three valid true states:

• 5M = TT criteria and SMA200 > than 5 month ago, RS outperform market (default SPX)
• 1M = TT criteria and SMA200 > than 1 month ago, RS outperform market (default SPX)
• 5M_Wide = TT criteria and SMA200 > than 5 month ago without the criteria RS and C > SMA50

In addition to these features, the UMCI also includes:

- The Profit Taker indicator developed by Jim Berg. You can enable this signal as a small green square above the candlesticks or as the profittaker line to better visualize it on the chart.

- ADR (Average Daily Range) in percentage

- Relative strength (RS) rating that ranges from A+ to D. A+B indicates that the relative strength is higher compared to the benchmark index, while C+D indicates a worse performance.

The RS values A+ to D can be roughly classified as follows (high values are better):

• A+ = RS 90-99
• A = RS 70-90
• B = RS 60-70
• C = RS 40-60
• D = RS 1-40

The Dashboard is displayed as the four boxes on the top right in the example screenshot of this indicator. The font size, width of the boxes, as well as the reference symbol/index for the RS indicator can all be adjusted.

• RS = Relative Strength Rating
• TT = TrendTemplate
• VIO = Minervini Violations
• ADR = Average Daily Range in Percentage

All of these indicators including colors and dashboard visibility are individually adjustable, allowing traders to customize their analysis and make the most out of this powerful tool.

Performance has been a key focus for us. To further optimize performance, we have made sure that nothing is calculated in the background if it is disabled in the options.

Chart settings for best visual results

Symbol

Up Color: #b0b0b0

Down Color:#848484

Appearance/Chart Basic Styles

Background: Gradient; #2b2d33, #26282d

Vert grid lines: #5d606b, Opacity 9%; Line

Horz grid lines: #5d606b, Opacity 26%; Dashed line

Screenshots

FAQ

Q: What is the intended timeframe for this indicator?
A: We typically use it on the daily chart, but it can be used on any timeframe."

Q: How do I gain access?
A: During the checkout process, you will be asked to provide your TradingView username. Unfortunately, TradingView does not have an API for this process, so it may take longer to activate. However, activation is typically completed on the same day.

Disclaimer

The information contained on this Website and the resources available for download/access/usage through this website is not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained on this Website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

We have done our best to ensure that the information provided on this Website and the resources available for download/access/usage are accurate and provide valuable information. Regardless of anything to the contrary, nothing available on or through this Website should be understood as a recommendation that you should not consult with a financial professional to address your particular information. Fyntrade expressly recommends that you seek advice from a professional.

Fyntrade assumes no responsibility or liability for any errors or omissions in the content or in the code of this site. The information contained in this site is provided on an "as is" basis with no guarantees of completeness, accuracy, usefulness or timeliness.

All investments involve risk and the past performance of a security or financial product does not guarantee future results or returns.