“The Best TradingView Indicator”: Why It Doesn't Exist, and Why Paid Versions Don't Change That

There's no best indicator, because all the popular indicators are calculated from the same data: open, high, low, close and possibly volume. Paid indicators on TradingView are usually combinations of free ones, wrapped in colours and signals.

What it is

The TradingView library has thousands of scripts. The most popular ones collect tens of thousands of likes, often thanks to attractive visuals rather than documented effectiveness.

Paid indicators sold by influencers promise “buy and sell signals” or “smart money detection”. Their code is usually hidden, so you don't know what they calculate.

How people use it

searching for an indicator that “always works”
buying paid indicator packages
stacking many indicators on one chart

What the research and evidence say

Indicators calculated from the same data are strongly correlated, so combining them doesn't give independent confirmation. Research on technical analysis shows that the results of simple rules are sensitive to costs and data mining. The hidden code of paid indicators makes it impossible to check whether they “repaint” signals after the fact.

Weaknesses

the same input data, different formulas
paid indicators with hidden code
the risk of indicators that repaint signals
more indicators means more noise, not more information

What order flow shows

A real leap in quality doesn't come from changing the formula but from changing the data. Order flow uses information that isn't on a candlestick chart: every trade split into buying and selling, liquidity in the book, volume at every price level. On CME futures this data is real and covers the whole market.

Indicators vs order flow

Every indicator and every pattern in this section is built from the same data: a candle's open, high, low, close and sometimes volume. They're derivatives of price, showing the effect rather than the cause. Order flow looks at what price is made of: who was buying and selling aggressively (delta), where limit orders were waiting (the order book) and at which prices the market accepted trade (the volume profile).

On CME futures this data is real and comes from one central market. Spot forex doesn't have it: platforms show tick volume, the number of price changes at a single provider.

To be fair: order flow isn't the Holy Grail. It takes learning, it can be noisy, big players hide some of their orders, and an edge only comes from a process and risk control. But it gives you information that simply isn't on a candlestick chart.

How to use it sensibly

use a few simple tools you understand
don't buy indicators with hidden code and a promise of signals
if you want new information, change the data source, not the formula

Glossary: Correlation
Glossary: Footprint
Glossary: DOM (order book)
Glossary: Volume profile
Atlas of biases: Confirmation bias
Atlas of biases: Illusory correlation
Atlas of biases: Authority bias
Order flow: How to read charts from a real market
Also under the microscope: Scalping
Also under the microscope: Day trading
Also under the microscope: Swing trading

Hetman Terminal – the “Order flow” set: heatmap, DOM, footprint and profiles in one window. Screenshot from the Hetman Index (IHA) – a training instrument, simulated data. See all the Hetman Terminal tools →

Frequently asked questions

What's the best indicator on TradingView?

There isn't a single best one. Popular indicators are calculated from the same price data, so they differ mainly in formula and appearance.

Are paid indicators worth buying?

Usually not. They're mostly combinations of free indicators with hidden code and undocumented effectiveness.

Educational content, not investment advice. No signals, entries, stops or position sizes.