When it comes to multicollinearty there is a method to my madness.
Momentum. I use slo stoch and rsi both. Why? Because I set them at different, but faster speeds, to align more directly to price tops and bottoms. Also, even though they are both momentum indicators their math is slightly different enough that they actually can take turns confirming the others top or bottom.
Trend. I use two speeds on macd because I want to see the change (through divergence) as a pre-signal and then a confirmed top or bottom.
Volume. I use two, because the difference is that OBV tends toward swing trades and CMF toward scalping or faster trading action. Also, CMF picks up divergences faster.
The strongest moves come from having all 3 areas confirming.
To me, market structure is also important as denoted by VbP. Measuring the balance of supply and demand is very helpful in determining strongest support or resistance levels.
Good information. The links should help many here.
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