Hello and welcome to this very exciting software update announcement. In this post, we introduce a completely new type of indicator to the platform called GoNoGo Trends Indicator.
The GoNoGo Trends Indicator is developed by our friends at GoNoGoCharts.com. When you look at this indicator for the first time, you will immediately see that it is different. There are no lines on the graph. There are no levels. The price bars are colored differently, and the colors do not correspond to the candles opening or closing prices in any way. To help you understand why this indicator is designed this way, please read the mission statement from GoNoGo Charts here:
Many traders and investors are overwhelmed by the redundant, sometimes contradictory and constantly complex array of indicators. GoNoGo charts help investors understand the direction and continuity of price trends for any security, any asset class, over any time frame. By blending objective principles of technical analysis with the most widely used statistical metrics, GoNoGo Charts remove “indicator overload”. Investors remain focused on the most important thing – the price – while the colors of each bar or candle reflect the strength of the trend.
In other words, the GoNoGo Trends Indicator combines “powerful statistical tools into a simple color-coded bar chart of a security’s price according to the strength of its trend.”
This is important for two reasons:
- Don’t spoil your graph with too many lines and signs. Instead, it simply colors the candles or price bars in a certain way.
- Coloring depends on multiple factors which, when used together, can provide more confirmation of trend than any single indicator can.
When we first came across GoNoGo, we were immediately drawn to it for these reasons. It’s just simple. Anyone who can remember what the five colors mean can use this indicator.
Fabulous, isn’t it? This is the first indicator we came across that effectively reduces noise in your charts. Most indicators add lines, levels, annotations, and labels, cluttering your screen and visually distracting you. not this.
How it works?
Without revealing the specific secret sauce, we can say that this indicator is the sum of half a dozen other indicators that are commonly used by traders. Depending on how you read these various other indicators, the GoNoGo Trends indicator adjusts the colors of the candles on your chart. The end result is a beautiful and easy to understand view of the trend itself.
What do the colors represent?
Each candle is colored differently. The relative position of the opening and closing prices does not affect the color of the candle, nor the position of the current candle relative to the previous one.
Instead, the colors are obtained from “secret sauce” indicators. Below, you’ll see an explanation of what each color represents, in terms of trend, as well as a chart for each color on the chart:
|blue||go strong||strong uptrend|
|Aqua||go weak||moderate uptrend|
|Pink||weak does not go||Moderate downtrend|
|purple||strong does not go||strong downtrend|
What about Raindrop candles?
The GoNoGo indicator can be used with Raindrop(r) charts, as well as other chart types such as Heiken Ashi, but it is important to understand a very subtle but powerful difference between how it looks compared to using standard OHLC candles. TrendSpider calculates indicators using price bars on your screen. Other platforms always calculate indicators using OHLC candles. Here, in the Raindrop charts, which are weighted by size, all the individual “secret sauce” indicators that go into the GoNoGo indicator will be as well. This is also true when using Heikin Ashi candles, as they are also calculated differently than standard OHLC candles. You won’t see this level of detail on any other platform, we assure you!
Watch it in action – Presented by the GoNoGo Team
In this video Alex Cole and Tyler Wood, the mastermind behind GoNoGo Schemes, will explain what to look at and how to read it.