Trend Master Meter

📊 Trend Master Meter
Description:
The Trend Master Meter is a technical analysis tool that allows you to visually monitor the strength of market trends. By using three types of moving averages (MA) – Fast MA, Medium MA, and Slow MA – it provides a clear view of the market's direction and trend strength. The Trend Master Meter displays a sector-based meter with color-coded regions, indicating the market trend status from "Strong Down" to "Strong Up."

⚙️ How to Use:
📍 Meter Position:

Trend Meter Position: Choose the position of the meter on the chart, either on the left or right.

Vertical Position: Select whether the meter should be placed at the top or bottom of the chart.

Table Position: Choose the table position (if used) to be on the left or right.

📏 Moving Average Lengths:

Fast MA Length: Set the length for the fast-moving average (e.g., 9).

Medium MA Length: Set the length for the medium moving average (e.g., 21).

Slow MA Length: Set the length for the slow-moving average (e.g., 50).

📐 Type of Moving Average:

MA Type: Choose the type of moving average to be used for trend calculation. Available options:

SMA (Simple Moving Average)

EMA (Exponential Moving Average)

HMA (Hull Moving Average)

🌈 Understanding the Meter:

The meter consists of 5 sectors representing different levels of trend strength:

Red: Strong Down

Orange: Down

Yellow: Neutral

Lime: Up

Green: Strong Up

🕹️ Indicator Needle:

The needle moves along the meter to indicate the current trend strength based on the relationship between Fast MA, Medium MA, and Slow MA.

The needle moving to the left indicates a downtrend, while the needle moving to the right indicates an uptrend.

🏷️ Sector Labels:

Each sector is labeled with terms such as "Strong Down," "Neutral," and "Strong Up" to provide clear information about the trend status.

📉 Interpretation:

Trend Strength: If Fast MA > Medium MA > Slow MA, the trend is considered Strong Up.

If Fast MA < Medium MA < Slow MA, the trend is considered Strong Down.

Neutral: If neither of the above conditions are met, the trend is considered neutral or balanced.

Up and Down: The position of the moving averages in relation to each other provides a nuanced view of the market's trend.

📈 Example Usage:
If the Needle is in the green sector (Strong Up): The market is in a strong uptrend. Consider looking for buying opportunities.

If the Needle is in the red sector (Strong Down): The market is in a strong downtrend. Consider looking for selling opportunities.

If the Needle is in the yellow sector (Neutral): The market trend is unclear or balanced. It is advised to avoid opening new positions or wait for clearer conditions.

⚠️ Note: Users can customize the moving average lengths and MA type according to their needs. The Trend Master Meter provides an easy-to-understand visual representation of the market direction and trend strength, which can be applied to trading strategies.

Happy trading and good luck!