It appears sometimes a trader (like Larry Williams below) doesn't have to use any indicators (whether home-made or not) in order to achieve great results. http://www.elitetrader.com/vb/showthread.php?s=&postid=368515#post368515
I can't say that I use a home made indictor ... but it sure is unique one. I trade with "confluence". Confluence is the natural area in which 2 ABC standard Fibonacci retracement trends has a tendency to migrate to. I use an EOD program called StockShareV2 to do this. www.stocksharepublishing.com
I have read all the previous posts and want to offer a comment. Most indicators do not add value because they are derivatives of price or volume. The only way that most of these indicators can add value is because other traders are using them. I think the best indicator is how price acts when it gets to specific levels. As a second choice I find that moving averages provide some value, but once again only because others are using them and acting on this information. For me the best indicator is price and the "market feel" that one develops after watching how price acts over time. Thanks, steve46