Multicollinearity...thats an important issue...follow the link to see how they place the main indicators in groups... I do something different and really don't find Multicolinearity an issue...I box price in with the Bollinger Bands and set definitions and boundries so that multicollinearity isn't an issue because I want their reading to pertain to the parameters of the Bollinger Bands...so a setting of Stochastice in Bollinger Bands 10,2... would be 10,3...not the default 14,3 setting...
Multicollinearity is a statistical term for a problem that is common in technical analysis. That is, when one unknowingly uses the same type of information more than once. Analysts need to be careful and not utilize technical indicators that reveal the same type of information.
Here is how John Bollinger states it: “A cardinal rule for the successful use of technical analysis requires avoiding multicollinearity amid indicators. Multicollinearity is simply the multiple counting of the same information. The use of four different indicators all derived from the same series of closing prices to confirm each other is a perfect example.”
The issue of multicollinearity is a serious issue in technical analysis when your money is at stake. It is a problem because collinear variables contribute redundant information and can cause other variables to appear to be less important than they really are. One of the real problems is that sometimes multicollinearity is difficult to spot.
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