Guys around here would have you believe that price action is the only "leading" indicator whereas the rest are "lagging" indicators. The problem is, there really isn't any such thing as price action. Took me far too long to figure this out, but I've finally realized that "price action" is at best just a thinly disguised euphemism for "trader instinct". Which is fine, you know, but it's a little delusional to think that instinct alone will continue to dominate in a pure NUMBERS GAME in this day and age. Of course the old simplistic indicators (emas, pivots, etc.) "lag"... they're huge simplifications, designed for an era when your average 'supercomputer' had about as much calculating power as my electric toothbrush. I'm not saying that 20 years from now there will be nothing but black boxes, but we'll definitely see a strong trend away from daytraders looking directly at the prices. They won't be looking at EMAs or anything so archaic... they'll be looking at their expert system-generated indicators (if they're smart) and using their powerful subjective human decision making skills on those instead. So, take it out of the all-too-inappropriate human context, and what does "price action" mean... whatever the price is doing. Well, no shit. Everything is based on that. In fact, I do believe that's what we've all been using for hundreds of years now. A trend line or EMA or whatever is a very very VERY simple and crude indicator, but at the end of the day it's based on the same data that your P&F chart uses, or your "trader instinct" uses. In other words, ALL indicators are based on price action. Thus, it's a pretty worthless description. There is no such thing as a "leading indicator", unless you can see the future. All indicators are based on past price information. Some tools are very simple, and therefore (if taken literally every time) are prone to false indicators and huge lags. Some tools are complex and very refined (this includes both the instincts of an expert human trader and the results of well written algorithm), and they generally fair much better. Neither type of indicator is "leading"... the latter is simply a better tool than the former.