As someone who frequently explores indicators and strategies on TradingView, I’ve encountered questions from viewers who wonder if these tools are accurate or worth using. In a recent video I posted about my top three Elliot Wave indicators, a viewer commented that one of the indicators seemed to “call out the wrong decision,” followed by claims that I was promoting it to earn money. In this article, I’ll explain my perspective on using indicators, address these kinds of comments, and offer insights into what these tools can realistically achieve in trading.
Please watch my whole explanation in this video:
My Take on TradingView Indicators
TradingView is a fantastic platform for testing and exploring indicators, especially for users who enjoy experimenting with technical strategies. The platform’s community has developed a wide variety of indicators—some are high-quality tools created by skilled programmers, while others are more experimental or less reliable. When you search for an indicator on TradingView, you’ll see everything from simple moving averages to complex strategies based on the Inner Circle Trader (ICT) concepts like order blocks and fair value gaps.
But I want to stress this: these indicators are tools, not guarantees of success. The value of an indicator is its ability to offer a new perspective on the market. They don’t predict the future or replace critical thinking and analysis, and anyone expecting them to work as a “holy grail” will be disappointed.
Why I Include Indicators in My Videos
When I showcase indicators, it’s to share tools that I personally find useful in my trading process, not to sell you on the idea that they’ll automatically make you money. I make these videos to help traders explore new ways of viewing market data, especially for those who might not have a programming background or experience in creating custom indicators.
For example, in a video about the three best Elliot Wave indicators, I highlighted tools that align with the Elliot Wave theory to help traders identify potential wave patterns. But just because I find these indicators valuable doesn’t mean they’re always accurate, nor do they promise profits. Indicators can help uncover market trends, support or resistance levels, or even potential entry points, but they should be used as a supplement—not a replacement—for a solid trading strategy.
Common Misunderstandings: Indicators and Profitability
It’s easy to assume that if an indicator has shown good results in the past, it will continue to do so indefinitely. But indicators, like any other tools, have their limitations. They reflect patterns in historical data, not future outcomes, and should be evaluated within a larger trading context.
I use indicators to help test strategies and analyze past market data. This allows me to see if a strategy might be worth incorporating into my trading plan, but a profitable backtest does not guarantee future success. Trading isn’t about following indicators blindly; it’s about using them as a layer of information that you can interpret and integrate with your own judgment and experience.
Access to Source Code and Why It Matters
One of TradingView’s unique features is that many indicators’ source codes are openly available. This transparency allows traders to look behind the scenes, see how the tool works, and even make their own adjustments. Anyone who believes that indicators are some kind of “secret formula” needs to remember that most of these scripts are publicly accessible, allowing anyone to understand and tweak them as needed. Trading indicators aren’t “black boxes” but simply scripted programs meant to assist in analyzing the market from different angles.
Personally, I respect the community programmers who share their code. Many of these indicators contain hundreds or even thousands of lines of code—created by people who want to help traders see markets through fresh perspectives. The open-source nature of these indicators is an incredible asset to the trading community, and I’m always grateful to those who contribute their skills and knowledge for everyone’s benefit.
How to Use Indicators Effectively in Your Trading
The key to successful trading with indicators lies in the ability to interpret and apply them selectively, based on each market’s unique conditions. As a discretionary trader, I don’t rely on indicators alone; I consider factors like market sentiment, news events, and overall market structure. Sometimes, I use an indicator to confirm a trade, while other times, I might ignore it based on other information I trust.
The real value of indicators, in my opinion, is that they can help traders see patterns or trends that might not be immediately visible. For example, if I’m looking for a potential bullish trend, an indicator showing a strong support level might increase my confidence in entering a position. However, this isn’t a magic formula—every trade decision still involves analyzing context, timing, and risk.
Addressing Criticism and Clarifying My Purpose
I understand that some viewers might feel skeptical about my videos on indicators, suspecting that I’m promoting them for financial gain or that I’m claiming they’re the ultimate path to profit. I want to be clear that I never promote any tool as a guaranteed money-maker. My videos are about education and sharing what I use in my own trading journey. I try to give an honest perspective, emphasizing that indicators are aids, not solutions.
I’m open to questions from my audience, whether they’re about TradingView indicators, strategies, or trading fundamentals. My goal is to foster a learning community, where we can openly discuss both the potential and the limitations of trading tools.
Final Thoughts: A Realistic Approach to Trading with Indicators
Indicators on TradingView or any platform are useful for gaining insight and organizing data, but they are not shortcuts to success. They’re part of a bigger toolkit, intended to provide traders with data that they can interpret and integrate into their personal strategies.
In summary, my goal isn’t to sell a dream or claim that indicators alone can make you rich. Instead, I aim to educate, explore, and help traders find tools that enhance their understanding of the market. I appreciate the feedback from my viewers and the opportunity to clarify that my channel is here to share knowledge, not promises. Use indicators wisely, stay informed, and remember that in trading, it’s your own skill and adaptability that ultimately determine your success.
He is an expert in financial niche, long-term trading, and weekly technical levels.
The primary field of Igor's research is the application of machine learning in algorithmic trading.
Education: Computer Engineering and Ph.D. in machine learning.
Igor regularly publishes trading-related videos on the Fxigor Youtube channel.
To contact Igor write on:
igor@forex.in.rs
