Interesting take for a velocity and trend analysis indicator, I call it The TR high/low meter. First it will find the highest high and lowest low based on X bars back. Now comes the twist, instead of storing these lowest or highest prices, we store the TR (true range) into the appropriate array (one array for lowest and one array for highest). Finally, we sum up these two arrays for highest TR's and lowest TR's and subtract each other to get the difference, Hench, see who is stronger. In the end we plot the difference into the indicator we have here. The plot is colored with gradient color in which bright color emphasizes the movement is strong and weaker color emphasizes the movement is getting weaker.
Basically this indicator shows us the asset trend direction and strength. Awesome!
==Colors and Bar Colors== Green: Up Trending Light Green: Weakening up trend Red: Down Trending. Light Red: Weakening Down Trending.
==Notes== Bar coloring is enabled on this chart! Supports EMA smoothing (disabled by default) Like if you like and Enjoy! Follow for more upcoming indicators/strategies: tradingview.com/u/dman103/
Nota Keluaran
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Added alerts, Buy, Sell, and Natural (inside trade zone area) Added No trade zone range in which alerts will not trigger. 'No Trade zone' is visualized by white dots and borderlines. The No-Trade zone is a zone where Buy and Sell alerts will NOT trigger (Note: disabled by default in settings). Screenshot of 'no-trade zone':
My friend, this truly is GREAT. My head went spinning thinking of all the indicators I have that this would be SO useful for. Thanks for you time and dedication. You often have use normal ideas and put that little "twist" of yours in there. Great result you have here!!
dman103
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@chasinalts, Great feedback, thanks. I always put the effort to release useful stuff.
hoogug
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Hello dman, could you please add buy/sell alerts to this wonderful indicator?
hoogug
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Added this code in the end. Also discovered the indicator could be a good ADX alternative, as setting the Thresholds also give us a Neutral (No trade) zone
LongThreshold = input.float(title='LongThreshold', defval=0.0043, step=0.0010) //You must check and compare each pair as all them require different levels of Thresholds. ShortThreshold = input.float(title='ShortThreshold', defval=-0.0043, step=0.0010) long_Condition = plot_result > LongThreshold short_Condition = plot_result < ShortThreshold neutral_Condition = not long_Condition and not short_Condition
buyLookback=long_Condition and not long_Condition[1] sellLookback=short_Condition and not short_Condition[1]
@hoogug, Thanks, mate for the idea! added to original script with some improvements like alerts will trigger only when crossing 'No trade zone', also visualization is with white dots in the middle and border lines, no zone area can be disabled, etc.