Compact mode
Elder-Ray Index
Known for Combining Trend And Momentum
Table of content
General Information
Indicator Type 📊
The category or classification of the trading indicator based on its primary function and analysis method.Asset Class 💰
Specifies the financial instruments for which the indicator is most commonly used- StocksIndicators optimized for analyzing and predicting stock price movements in equity markets. Click to see all.
- ForexIndicators optimized for currency pair trading in the foreign exchange market. Click to see all.
- CommoditiesTrading indicators optimized for commodity markets like oil, gold, and agricultural products. Click to see all.
Made In 🌍
The country or origin of the trading indicator
Characteristics
Lagging or Leading 🏁
Indicates whether the trading indicator is a lagging or leading type, reflecting its predictive nature.Complexity Level 🧑
Indicates the level of expertise required to effectively use the indicatorPopularity 🏆
Indicates how widely used and recognized the indicator is in the trading community
Facts
Interesting Fact 💡
An intriguing or lesser-known fact about the trading indicator- Created by Dr. Alexander Elder
Sarcastic Fact 😉
A humorous or ironic observation about the trading indicator- It's like a doctor's checkup for market health
Application
Timeframe 🕑
The time intervals or periods for which the trading indicator is most effective or commonly used.- DailyIndicators optimized for daily chart analysis, suitable for swing and position traders. Click to see all.
- WeeklyIndicators optimized for weekly chart analysis, balancing short-term noise and long-term trends. Click to see all.
- AnyFlexible indicators adaptable to various trading timeframes, offering versatility in analysis. Click to see all.
Technical Details
Calculation Method 🧮
The mathematical or analytical approach used to compute the trading indicator's values.- OscillatorsIndicators that oscillate between fixed values to show overbought or oversold conditions. Click to see all.
- Price-BasedIndicators focusing on price movements and patterns for market analysis. Click to see all.
- Moving AveragesIndicators combining different moving averages for comprehensive trend analysis. Click to see all.
Signal Generation 📊
Describes the methods by which the indicator produces trading signalsCustomization Options 🔧
Lists the parameters that can be adjusted to fine-tune the indicator- PeriodEnables customization of analysis timeframe Click to see all.
- EMA LengthAllows customization of Exponential Moving Average calculation period Click to see all.
- MA TypeAllows choice between different moving average calculations Click to see all.
- EMA PeriodEnables adjustment of Exponential Moving Average time frame Click to see all.
- Lookback PeriodEnables adjustment of historical data analysis timeframe Click to see all.
Usage
For whom 👥
The target audience or user group for the trading indicator- Experienced TradersSophisticated tools for seasoned traders to gain deeper market insights Click to see all.
- Day TradersTools optimized for short-term intraday trading decisions Click to see all.
- Swing TradersIdentifies medium-term trends and potential reversal points, ideal for multi-day positions Click to see all.
- Market AnalystsProvides comprehensive market insights, useful for in-depth analysis and forecasting Click to see all.
Purpose 📈
The primary purpose or application of the trading indicator- Market Strength Analysis
- Trend StrengthTools that assess the power and momentum behind a market trend Click to see all.
- Entry/Exit PointsIndicators for optimal trade entry and exit Click to see all.
- Overbought/Oversold ConditionsIndicators that identify extreme market conditions Click to see all.
Evaluation
Pros 👍
Advantages of using the trading indicator- Provides Clear Buy/Sell SignalsOffers straightforward entry and exit points, simplifying trading decisions Click to see all.
- Helps Identify Trend Strength
- Combines Trend And Momentum Analysis
- Helps Identify Potential Reversals
- Separates Buying And Selling Pressure
- Good For Identifying Potential Reversals
- Combines Trend And Momentum
- Identifies Market Strength/Weakness
- Useful For Multiple Timeframes
Cons 👎
Disadvantages or limitations of the trading indicator- Complex CalculationIndicators with straightforward calculations and easy-to-understand outputs for efficient analysis Click to see all.
- Requires Understanding Of Multiple Concepts
- Can Be Complex For BeginnersEasy-to-understand indicators suitable for traders new to technical analysis. Click to see all.
- Requires Understanding Of Multiple ComponentsIndicates that some indicators involve several elements that need to be understood for effective use. Click to see all.
- Can Be Less Effective In Strongly Trending MarketsIndicators that maintain effectiveness during strong trends, providing reliable signals Click to see all.
- Requires Understanding Of Moving AveragesRefers to indicators that need a solid grasp of moving average concepts for effective use. Click to see all.
- Complex For BeginnersIndicators that are easy to understand and use for novice traders, facilitating learning and strategy development Click to see all.
- Requires Additional Confirmation
- Can Produce False Signals
Performance Metrics
Reliability Score 💯
A score indicating the overall reliability of the trading indicatorEase of Use Score 💻
A score representing how user-friendly and intuitive the trading indicator isVersatility Score 🔀
A score indicating the adaptability of the trading indicator across different markets and timeframesCustomization Score 🔧
A score representing the degree of customization available for the trading indicator- 7.5
Score ⭐
The overall score of the trading indicator based on various performance metrics
Alternatives to Elder-Ray Index
Triple Exponential Average (TRIX)
Known for Filtering Out Market Noise💻 is easier to use than Elder-Ray Index
Elder Triple Screen
Known for Trend-Momentum Alignment💯 is more reliable than Elder-Ray Index
🔀 is more versatile than Elder-Ray Index
🔧 is more customizable than Elder-Ray Index
⭐ is rated higher overall than Elder-Ray Index
Elder Impulse System
Known for Combining Trend And Momentum💻 is easier to use than Elder-Ray Index
Awesome Oscillator (AO)
Known for Simplicity And Effectiveness💻 is easier to use than Elder-Ray Index
Choppiness Index
Known for Identifying Trending Vs Choppy Markets💯 is more reliable than Elder-Ray Index
💻 is easier to use than Elder-Ray Index
🔀 is more versatile than Elder-Ray Index
Chaikin Oscillator
Known for Accumulation/Distribution Trends💯 is more reliable than Elder-Ray Index
💻 is easier to use than Elder-Ray Index