Yes my newest toy (perhaps not now) is to combine high market cap blue chip stocks ranked by ADX to consider. This one is great. I looked at ADX earlier and learned everything about it and thought it was so-so. It was because I was looking at all stocks of all market caps, instead of the ones that are major companies. Wall Street has too much money to focus on stocks less than $5 imho, they need to members of a major known index.
I learned ADX rank from Jeff Cooper's book "Hit and Run Trading" and also noticed ADX usage from Linda Raschke "Street Smarts" material. All those free licensed studies in Thinkorswim are a big bonk on the head to learn and use them to me. But the hidden bonk on the head was to think like Wall Street and stop trying to make them work for stocks under $5 or so.
So now I just rank the Russell 2000 by ADX since they're all high value market cap stocks worth more than any even large trading participant. It's like trying to punch a side of a freighter with a fist. The trend or ship direction won't change at all.
About the Russell 2000 list. I noticed that is what what other millionaire traders are using as a base list. ADX is used by other millionaire traders that do not give a base list (wonder why). Anyhow so I will combine the two. So if it works, use it and rank by ADX. Then I look for a trade knowing that the trend is your friend of course managing the trade with at least a simple trend line. This is so simple now.
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