If you use TradingView for analysis (and many do), you already know how powerful its charting tools are. But to turn charts into actionable signals, you need indicators. The great news: many excellent indicators are available for free. In this article, we’ll review some of the top free TradingView indicators, how they work, and tips for combining them into a winning strategy.
Why Use Free Indicators?
- Cost-effectiveness — You don’t need to purchase expensive third-party tools to get quality signals.
- Community support — Popular free scripts are often battle tested, improved by the community, and transparent (you can inspect their Pine Script).
- Flexibility — You can combine, tweak, or layer free indicators as you like to suit your style.
- Access to innovation — Many advanced ideas originate in the open library of scripts, giving everyone access to novel approaches.
That said, no indicator is a “magic bullet.” They all have limits and should be used with context, confirming tools, risk control, etc.
Core Criteria for Choosing Indicators
When deciding which free indicator to use, look for:
- Clarity & readability — The signal should be easy to interpret (e.g. crossovers, breakouts, color changes).
- Low repaint / lag — Indicators that adjust past signals (repainting) are less trustworthy.
- Configurability — Good scripts let you adjust look-back periods, smoothing, timeframes.
- Complementarity — The best setups often combine trend, volatility, and momentum tools.
- Performance & reviews — Check user feedback, backtests, or open code to assess reliability.
Top Free Indicators on TradingView
Here are some of the best free indicators (built-in or community scripts) you can use today:
| Indicator | Purpose | Why It’s Useful | Tips / Caveats |
| Relative Strength Index (RSI) | Momentum / Overbought-Oversold | Classic oscillator. Helps spot when momentum is waning or divergence. | Use default 14 period or adjust. Watch for divergence vs price. |
| MACD (Moving Average Convergence Divergence) | Trend + Momentum | Combines fast and slow EMAs and a signal line. Useful crossovers/histogram. | Better in trending markets. Watch for false signals in range. |
| Moving Averages (SMA / EMA / VWMA) | Trend smoothing / dynamic support & resistance | Simple yet powerful. Many strategies built on these. | Use multiple MAs (fast + slow) to define trend states. |
| Bollinger Bands | Volatility envelope | Bands widen in high volatility, contract in quiet markets. Useful for breakouts or mean-reversion. | Not good for strong trends alone; combine with trend filters. |
| ATR (Average True Range) | Volatility measure | Helps size stops, gauge volatility regime, set channels. | Use it to build ATR-based bands or stops. |
| Volume Profile / Session Volume / Volume-Weighted Average Price (VWAP) | Volume / price-level analysis | Shows where trading activity is concentrated, identifying support/resistance zones. | Some volume profile scripts are free in the community library. |
| Supertrend | Trend-following | Simple indicator that flips direction when price moves enough against trend. | Good as a trend filter; best when confirmed by another indicator. |
| Custom Pine Scripts / Community Indicators | Specialized patterns, liquidity, orderblock zones, etc. | The open library offers powerful custom tools (e.g. orderblocks, liquidity zones, combined multi-frame indicators). |
Examples of Community-Favorite Free Scripts
- CM_Ultimate RSI Multi Time Frame — applies RSI logic across multiple timeframes at once.
- WaveTrend Oscillator by LazyBear — a momentum oscillator often used for entries/exits.
- Top G Indicator (BigBeluga) — helps identify market extremes (tops / bottoms).
- Free Breakout Indicator — marks breakout levels from consolidation zones.
These scripts often combine multiple techniques (support/resistance, volatility, trend) and can be adapted or stacked with other tools.
How to Use These in a Real Trading Strategy
- Define trend vs range condition
Use moving averages or Supertrend to decide whether the market is trending or ranging. - Use volatility to set the environment
ATR or Bollinger Bands can tell you if the market is too quiet or too wild for trades. - Entry signal by momentum / confirmation
E.g. RSI divergence, MACD crossover, or a breakout indicated by a breakout script. - Volume / profile confirmation
Use Volume Profile or VWAP to confirm if price is acting near strong volume zones (support/resistance). - Risk management & stop placement
Use ATR-based stops or features in your indicator (e.g. indicator’s built-in stop logic). - Multi-timeframe validation
Confirm signals on higher timeframe before taking signals on your main chart.
Tips & Pitfalls When Using Free Indicators
- Don’t overload your chart — too many indicators can clutter and confuse. Only use those that complement one another.
- Watch for repainting scripts — some community scripts adjust past signals which can mislead you. Always test.
- Backtest / paper test — spend time validating the indicator combinations before using in live trading.
- Stay updated — scripts in the public library get updated. Follow authors or check change logs.
- Adjust to your market & timeframe — what’s optimal for intraday crypto might not suit swing trading stocks.
Conclusion & Call to Action
Free indicators on TradingView offer tremendous value — from classic tools like RSI and MACD, to powerful community scripts offering liquidity zones, orderblocks, and multi-frame analysis. The best indicator setup will depend on your trading style, timeframe, and instrument.
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Disclaimer: This is not financial advice. Trading involves risk. Always test strategies in a demo environment before using real capital.
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