This indicator will help you to have an objective analysis of the trend.
Let's start .....
In this indicator Bears and Bulls go their separate ways.
-The Bull line ( green) always goes above zero.
-The Bear line ( red) always goes below zero.
With a quick glance, you will know who is winning.
There are two zones of tendency force:
- Above 2 for bulls: when the Bull line crosses its + 2 level upwards, an uptrend begins to have strength.
- Below 2 for bears: when the Bear line crosses its -2 level down, a downward trend begins to gain strength.
- When a histrogram bar appears the trend is confirmed.
When a positive histogram appears, it indicates that the Bull line is above its + level and the Bear line is above its level -.
When it is a negative histogram that appears, it indicates that the Bear line is below its level - and the Bull line is below its + level.
The (in black) is the difference between the Bull line and the Bear line.
Its crosses above / below zero serve us to track the trend, as well as turning points where we could put a stop loss .
This indicator generates multiple signals as position management, I leave it to fall in love with it and find all that.
Thanks to Jose Callao for this great idea.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.