I'm not the author of this indicator or the concept behind it
i found this code - written for another platform - while researching "Larry William's Trend" - while i also couldn't find that specific keyword in the TV public library. So thought to bring this in.
Also unfortunately there was no coder details to give credit to with the code i found. it seems this may somehow be related to the famous SuperTrend - but i have no idea how they are connected. i simply ported this to Pine in my own way.
will be happy if this is useful to some traders who use these types of trend indicators. if you do find it useful, pls leave a comment here - or feel free to take this code and modify it in any further way for your specific need.
we continue to learn and explore new tools everyday. good luck!
Can a strategy be published based on the same idea? I tried myself with my limited knowledge of Pine but getting a lot of errors. Thank you.
WonNuclearFusion
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Has anyone ever used this stand alone to create a robot before?
masonng11
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Only available Will Trend indicator out there. Thank you very much for your work.
ehsanul203
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Hi I’m using your Larry Williams trend. Very good but of course when there’s numbers in the settings I’m always looking for the optimal. How could I optimise this for 1 day chart for GOLD?
RedKTrader
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@ehsanul203, i can't advise on your specific settings - they are really up to you. please take a look here this may help -->
ehsanul203
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@RedKTrader, brilliant post. It’s definitely wise to have different indicators confirming a direction than using the same indicator to show the exact thing
ehsanul203
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@RedKTrader, the question I should have asked was the numbers on default. How have they been calculated? Is it what you saw best fit?
RedKTrader
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@ehsanul203, ehsan, for this specific indicators (which I only converted from code i found on the net), the defaults are left as they were in the original code
in other indicators that i create, i usually adjust the defaults to some that i tested and liked for my own setups that use that indicator. hope this helps.
ehsanul203
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Could you please explain the meaning of: Length Period Multiplier
RedKTrader
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@ehsanul203, Length : is the length used to calculate the base Donchian Channel - search the web for that for more details. This is used in code lines 20 and 21 .. the mid line (price) of that channel is then used to construct a new channel - the width of that channel is derived from the ATR - Average True Range Period: the average length used to calculate the ATR value used above Multiplier: is a factor used to multiply that ATR to arrive at the value that will be used in constructing the price channel
for example, if the ATR value is 5.0 and multiplier is 2.0 - then the channel is 10 above and 10 below the midline of a Donchian Channel for (length) .. It's really a clever way to associate these values to the price volatility .. i hope this helps .. happy to answer any more questions