Yes it is good
indicator for me to understand where the price is.
Sometimes I am using Stoch (14, 5, 5), sometimes EMA (55), EMA (21) or EMA (8), or just all 3 EMAs together, the classical Parabolic SAR with default setting ... Just everything. And it is very good and I may confirm some my decision (about the market direction or reversal or something) by one indicator, and I may confirm this one indicator by an other indicator, and an other one by an other one and so on. There is good correlation between them.
But sometimes very strange cases happened:
Some people call this case as market correction. It happened sometimes: no correlation between indicators and everything is going on with the contradiction with each other.
And Float indicator helps me sometimes.