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Multi-Timeframe Recursive Zigzag [Trendoscope®]🎲 Welcome to the Advanced World of Zigzag Analysis Embark on a journey through the most comprehensive and feature-rich Zigzag implementation you’ll ever encounter. Our Multi-Timeframe Recursive Zigzag Indicator is not just another tool; it's a groundbreaking advancement in technical analysis. 🎯 Key Features Multi Time-Frame Support - One of the rare open-source Zigzag indicators with robust multi-timeframe capabilities, this feature sets our tool apart, enabling a broader and more dynamic market analysis. Innovative Recursive Zigzag Algorithm - At its core is our unique Recursive Zigzag Algorithm, a pioneering development that powers multiple Zigzag levels, offering an intricate view of market movements. This proprietary algorithm is the backbone of our advanced pattern recognition indicators. Sub-Waves and Micro-Waves Analysis - Dive deeper into market trends with our Sub-Waves and Micro-Waves feature. Sub-Waves reveal the interconnectedness of various Zigzag levels, while Micro-Waves offer insight into the fundamental waves at the base level. Enhanced Indicator Tracking - Integrate and track your custom indicators or oscillators with the zigzag, capturing their values at each Zigzag level, complete with retracement ratios. This offers a comprehensive view of market dynamics. Curved Zigzag Visualization - Experience a new way of visualizing market movements with our Curved Zigzag Display, employing Pine Script’s polyline feature for a more intuitive and visually appealing representation. Built-in Customizable Alerts - Stay ahead with built-in alerts that can be customized via user input settings. 🎯 Practical Applications Our Zigzag Indicator is designed with an understanding of its inherent nature - the last unconfirmed pivot that consistently repaints. This characteristic, while by design, directs its usage more towards pattern recognition rather than direct identification of market tops and bottoms. Here's how you can leverage the Zigzag Indicator: Harmonic Patterns - Ideal for those familiar with harmonic patterns, this tool simplifies the manual spotting of complex XABCD, ABC, and ABCD patterns on charts. Chart Patterns - Effortlessly identify patterns like Double/Triple Taps, Head and Shoulders, Inverse Head and Shoulders, and Cup and Handle patterns with enhanced clarity. Navigate through challenging patterns such as Triangles, Wedges, Flags, and Price Channels, where the Zigzag Indicator adds a layer of precision to your breakout strategy. Elliott Wave Components - The indicator's detailed pivot highlighting aids in identifying key Elliott Wave components, enhancing your wave analysis and decision-making process. 🎲 Deep Dive into Indicator Features Join us as we explore the intricate features of our indicator in more detail. 🎯 Multi-Timeframe Capability Our indicator comes equipped with an input option for selecting the desired resolution. This unique feature allows users to view higher timeframe Zigzag patterns directly on their lower timeframe charts. 🎯 Recursive Multi Level Zigzag Our advanced recursive approach creates multi-level Zigzags from lower-level data. For instance, the level 0 Zigzag forms the base, calculated from specified length and depth parameters, while level 1 Zigzag is derived using level 0 as its foundation, and so forth. The indicator not only displays multiple Zigzag levels but also offers settings to emphasize specific levels for more detailed analysis. 🎯 Sub-Components and Micro-Components of Zigzag Wave Sub-components within a Zigzag wave consist of the previous level's Zigzag pivots. Meanwhile, the micro-components are composed of the base level (Level 0) Zigzag pivots encapsulated within the wave. 🎯 Curved Zigzag Experience a new perspective with our curved Zigzag display. This innovative feature utilizes the polyline curved option to automatically generate sinusoidal waves based on multiple points. 🎯 Indicator Tracking Default indicators such as RSI, MFI, and OBV are included, alongside the ability to track one external indicator at each Zigzag pivot. 🎯 Customizable Alerts Our indicator employs the `alert()` function for alert creation. While this means the absence of a customization text box in the alert settings, we've included a custom text area for users to create their own alert templates. Template placeholders include: {alertType} - type of alert. Either Confirmed Pivot Update or Last Pivot Update. Depends on the alert type selected in the inputs. When Last Pivot Update type is selected, the alerts are triggered whenever there is a new Zigzag Pivot. This may also be a repaint of last unconfirmed pivot. When Confirmed Pivot Update type is selected, the alerts are triggered only when a pivot becomes a confirmed pivot. {level} - Zigzag level on which the alert is triggered. {pivot} - Details of the last pivot or confirmed pivot including price, ratio, indicator values and ratios, subcomponent and micro-component pivots. 🎲 User Settings Overview 🎯 Zigzag and Generic Settings This involves some generic zigzag calculation settings such as length, depth, and timeframe. And few display options such as theme, Highlight Level and Curved Zigzag. By default, zigzag calculation is done based on the latest real time bar. An option is provided to disable this and use only confirmed bars for the calculation. Indicator Settings Allows users to track one or more oscillators or volume indicators. Option to add any indicator via external input is provided. 🎯 Alert Settings Has input fields required to select and customize alerts.
Penunjuk Pine Script®
oleh Trendoscope
22
Volume Spike Analysis [Trendoscope]The Volume Spike Analysis is designed to detect volume spikes in a trading instrument's data. Rather than relying on the traditional method of comparing volume to its moving average, this indicator employs a distinctive approach to ensure accuracy. Methodology Historical Volume Comparison: The indicator first assesses the current bar's volume, say 100k, and looks back historically to determine the last instance when the volume was equal to or exceeded this level. High Volume Bar Gap Calculation: The intervals or gaps between high volume bars are recorded. These gaps help in determining how common or rare a particular volume spike is. Spike Magnitude Determination: Here, the extent of the volume spike is gauged in relation to either the median, lowest, or average volume of the intervening bars. The reference metric (median, lowest, or average) can be chosen by the user through the "Volume Spike Reference" input parameter. Spike Percentile Analysis: The calculated spike magnitude (as a percentage of the reference volume) is cataloged. This collection aids in understanding the relative intensity of the current volume spike when compared to previous spikes. Threshold Comparisons: The indicator then compares the calculated "High Volume Distance Percentile" to the "Last High Volume Distance Percentile" and the "Volume Spike Percentile" to the "Volume Spike Threshold". If these values surpass the preset thresholds, the current bar is flagged as a high volume or volume spike bar. Visual Components Bar Highlighting : High volume or volume spike bars are accentuated with bright colors for easy identification. All other bars have increased transparency to reduce visual clutter. Distance from the High Volume Bar: Indication of the number of bars since the last high volume occurrence and its respective percentile. Comparative Factors: A factor representing the magnitude by which the current volume surpasses the lowest, median, and average volumes. Lowest, Median and Average Volumes: The lowest and median volumes are indicated by tooltips on lines marking the respective bars. The average volume is depicted as a dotted horizontal line, with a triangle marker tooltip revealing its value. This indicator offers a nuanced analysis of volume spikes, aiding traders in making more informed decisions.
Penunjuk Pine Script®
oleh Trendoscope
16
Band Based Trend FilterSimilar to RelativeBandwidthFilter , this script is also a simple trend filter which can be used to define your trading zone. 🎲 Concept On contrary to reversal mindset, we define trend when price hits either side of the band. If close price hits upper band then it is considered as bullish and if close price hits lower band, then it is considered bearish. Further, trend strength is measured in terms of how many times the price hits one side of the band without hitting other side. Hit is counted only if price has touched middle line in between the touches. This way price walks on the bands are considered as just one hit. 🎲 Settings Settings are minimal and details can be found in the tooltips against each parameters 🎲 Usage This can be used with your own strategy to filter your trading/non-trading zones based on trend . Script plots a variable called "Trend" - which is not shown on chart pane. But, it is available in the data window. This can be used in another script as external input and apply logic. Trend values can be 1 : Allow only Long -1 : Allow only short 0 : Do not allow any trades
Penunjuk Pine Script®
oleh Trendoscope
10
Multi-ZigZag Multi-Oscillator Trend DetectorThis table is intended to give you snapshot of how price and oscillators are moving along with zigzag pivots. This is done in the same lines of Zigzag-Trend-Divergence-Detector But, here are the differences Table shows multiple oscillator movements at a same time instead of one selected oscillator Divergence is not calculated and also supertrend based trend. Trend can be calculated based on zigzag movements. However, lets keep this for future enhancements. This system also uses multiple zigzags instead of just one. ⬜ Process ▶ Derive multiple zigzags - Code is taken from Multi-ZigZag ▶ Along with zigzags - also calculate different oscillators and attach it to zigzag pivot. ▶ Calculate directions of zigzag pivots and corresponding oscillators. ▶ Plot everything in the table on last bar. ⬜ Table components Table contains following data: Directional legends are: ⇈ - Higher High (Green) ⇊ - Lower Low (Red) ⭡- Lower High (Orange) ⭣ - Higher Low (Lime) ⬜ Input Parameters ▶ Source : Default is close. If Unchecked - uses high/low data for calculating pivots. Can also use external input such as OBV ▶ Stats : Gives option to select the depth of output (History) and also lets you chose text size and table position. ▶ Oscillators : Oscillator length is derived by multiplying multiplier to zigzag length. For example, for zigzag 5, with 4 as multiplier, all oscillators are calculated with length 20. But, same for zigzag 8 will be 32 and so on. ▶ Available oscillators : CCI - Commodity Channel Index CMO - Chande Momentum Oscillator COG - Center Of Gravity MFI - Money Flow Index (Shows only if volume is present) MOM - Momentum oscillator ROC - Rate Of Change RSI - Relative Strength Index TSI - Total Strength Index WPR - William Percent R BB - Bollinger Percent B KC - Keltner Channel Percent K DC - Donchian Channel Percent D ADC - Adoptive Donchian Channel Percent D ( Adoptive-Donchian-Channel ) ⬜ Challenges There are 12 oscillators and each zigzag has different length. Which means, there are 48 combinations of the ocillators. First challenge was generating these values without creating lots of static initialization. Also, note, if the functions are not called on each bar, then they will not yield correct result. This is achieved through initializer function which runs on every bar and stores the oscillator values in an array which emulates multi dimensional array oscillator X zigzag length. Next challenge was getting these values within function when we need it. While doing so I realized that values stored in array also have historical series and calling array.get will actully get you the entire series and not just the value. This is an important takeaway for me and this can be used for further complex implementations. Thanks to @LonesomeTheBlue and @LucF for some timely suggestions and interesting technical discussions :)
Penunjuk Pine Script®
oleh Trendoscope
15
Zigzag Trend/Divergence DetectorPullbacks are always hardest part of the trade and when it happen, we struggle to make decision on whether to continue the trade and wait for recovery or cut losses. Similarly, when an instrument is trending well, it is often difficult decision to make if we want to take some profit off the table. This indicator is aimed to make these decisions easier by providing a combined opinion of sentiment based on trend and possible divergence. ⬜ Process ▶ Use any indicator to find trend bias. Here we are using simple supertrend ▶ Use any oscillator. I have added few inbuilt oscillators as option. Default used is RSI. ▶ Find divergence by using zigzag to detect pivot high/low of price and observing indicator movement difference between subsequent pivots in the same direction. ▶ Combine divregence type, divergence bias and trend bias to derive overall sentiment. Complete details of all the possible combinations are present here along with table legend ⬜Chart Legend C - Continuation D - Divergence H - Hidden Divergence I - Indeterminate ⬜ Settings ▶ Zigzag parameters : These let you chose zigzag properties. If you check "Use confirmed pivots", then unconfirmed pivot will be ignored in the table and in the chart ▶ Oscillator parameters : Lets you select different oscillators and settings. Available oscillators involve CCI - Commodity Channel Index CMO - Chande Momentum Oscillator COG - Center Of Gravity DMI - Directional Movement Index (Only ADX is used here) MACD - Moving average convergence divergence (Can chose either histogram or MACD line) MFI - Money Flow Index MOM - Momentum oscillator ROC - Rate Of Change RSI - Relative Strength Index TSI - Total Strength Index WPR - William Percent R BB - Bollinger Percent B KC - Keltner Channel Percent K DC - Donchian Channel Percent D ADC - Adoptive Donchian Channel Percent D ( Adoptive-Donchian-Channel ) ▶ Trend bias : Supertrend is used for trend bias. Coloring option color candles in the direction of supertrend. More option for trend bias can be added in future. ▶ Stats : Enables you to display history in tabular format. Overview of settings present here: ⬜ Notes Trend detection is done only with respect to previous pivot in the same direction. Hence, if chart has too many zigzags in short period, try increasing the zigzag length or chart timeframe. Similarly, if there is a steep trend, use lower timeframe charts to dig further. Oscillators does not always make pivots at same bar as price. Due to this some the divergence calculation may not be correct. Hence visual inspection is always recommended. ⬜ Possible future enhancements More options for trend bias Enhance divergence calculation. Possible options include using oscillator based zigzag as primary or using close prices based zigzag instead of high/low. Multi level zigzag option - Can be messy to include more than one zigzag. Option can be added to chose either Level1 or Level2 zigzags. Alerts - Alerts can only be added for confirmed pivots - otherwise it will generate too many unwanted alerts. Will think about it :) If I get time, I will try to make a video.
Penunjuk Pine Script®
oleh Trendoscope
148
Breakout Trend Trading Strategy - V2This is an alternate version of Breakout Trend Trading Strategy - V1 Only difference is, this strategy places stop orders based on calculated targets whereas V1 waits for price to close target levels and then places market orders. Hence, you will receive the target prices before trade executes in strategy. Parameters are same as that of Breakout Trend Trading Strategy - V1 There is one additional parameter on Trade Type - which permits user to allow only breakout, pullback or reverse trading or combination of all. Backtesting parameters remain same : Capital and position sizing : Capital and position sizing parameters are set to test investing 2000 wholly on certain stock without compounding. Initial Capital : 2000 Order Size : 100% of equity Pyramiding : 1 Test cases remain same : Positive : AAPL , AMZN , TSLA , RUN, VRT , ASX:APT Negative Test Cases: WPL , WHC , NHC , WOW, COL, NAB (All ASX stocks) Special test case: WDI Negative test cases still show losses in back-testing. I have attempted including many conditions to eliminate or reduce the loss. But, further efforts has resulted in reduction in profits in positive cases as well. Still experimenting. Will update whenever I find improvements. Comments and suggestions welcome :)
Strategi Pine Script®
oleh Trendoscope
2
Trendline deluxeTrendline deluxe As someone said: "The best trend indicator is when you print the chart, put it on the wall and take a few steps back. If you now can identify the trend you're done!" This is an attempt of doing the same thing... I find it handy to switch the color of the trendline depending on the where the Trend is going. Especially when zooming in on the chart, the color tells you what the overall Trend is. Trendline deluxe comes with an extra twist in that it can be colored according to your Stock index of choice, but still be plotted according to the Stock at hand.
Penunjuk Pine Script®
oleh kruskakli
Trend Sentiment [racer8]Trend Sentiment is a trend indicator with enhanced graphics, that is, it has many different shades of blue and red. The brighter the blue, the more bullish. The brighter the red, the more bearish. It is a simple indicator with a basic formula: a = close > prev.close? ---> If yes, a = 1, otherwise a = 0. b = sma of a over n periods -----1st parameter, n...."Length" c = sma of b over j periods ----- 2nd parmeter, j..."Smoothing" plot (c) Is c > 0.5? ---> If yes, background color = blue, otherwise red. plot background color. plot 0.5 as dotted midline. The Trend Sentiment value represents the percentage of bullish force in the market. Signals are generated when it crosses the 50% mark. Values above 0.50 are bullish and values below 0.50 are bearish. Enjoy and hit the like button :)
Penunjuk Pine Script®
oleh racer8
2
Trend Breakout [Uncle Sam Trading]Trend Breakout Indicator Overview The Trend Breakout Indicator is a powerful, non-repainting tool designed to help traders identify high-probability breakout and trend reversal setups on any market and timeframe. By leveraging pivot points, this indicator draws dynamic support and resistance channels, highlights counter-trend breakouts, and provides visual cues for market direction. It’s ideal for traders looking to simplify their analysis while targeting key price levels for entries and exits. Key Features Pivot-Based Channels: Draws a red upper channel (resistance) and a green lower channel (support) by connecting recent pivot highs and lows. Counter-Trend Breakout Signals: Blue “CT Breakup” signal (▲) when the price breaks above the upper channel during a downtrend, indicating a potential reversal or pullback. Orange “CT Breakdown” signal (▼) when the price breaks below the lower channel during an uptrend, signaling a potential downmove. Trend Visualization: Background color shifts to green for uptrends and red for downtrends, making it easy to gauge market direction. Customizable Settings: Adjust pivot detection sensitivity with “Pivot Left Bars” (default: 5) and “Pivot Right Bars” (default: 1), and control channel extension with “Channel Extension Bars” (default: 50). Optional Trend Signals: Enable “Show Trend Change Signals” to display trend shifts with green (uptrend) or red (downtrend) arrows. Alert Conditions: Set alerts for counter-trend breakouts and trend changes directly on TradingView. Example Performance (BTCUSDT, 1-Hour Chart) On the BTCUSDT 1-hour chart: A “CT Breakdown” signal appeared on April 6 at 8:00 AM at $82,700, followed by a drop to $74,400 within hours—a 10% move. A “CT Breakup” signal occurred on April 9 at 1:00 AM at $76,600, leading to a rally to $86,600 in a few hours—a 9% gain. These examples highlight the indicator’s ability to spot significant price movements, though results depend on market conditions, your trading style, and risk management. Settings Pivot Left Bars (default: 5): Number of bars to the left for pivot detection. Pivot Right Bars (default: 1): Number of bars to the right for pivot confirmation (ensures non-repainting signals). Channel Extension Bars (default: 50): How far the channels extend to the right. Show Pivot Points (default: true): Displays small triangles at pivot highs (maroon) and lows (navy). Show Counter-Trend Breakout Signals (default: true): Shows CT Breakup and CT Breakdown signals. Show Trend Change Signals (default: false): Displays trend shift arrows when enabled. How to Use Add the indicator to your chart via TradingView’s indicator library. Adjust the settings to match your trading style and timeframe. Watch for “CT Breakup” and “CT Breakdown” signals to identify potential trade setups. Use the background color (green/red) to confirm the current trend. Set alerts for breakouts or trend changes to stay updated on key signals. Always combine with proper risk management and your own analysis—past performance is not a guarantee of future results. Notes The indicator is non-repainting, meaning signals are confirmed and won’t disappear after they form. Works on any market (crypto, forex, stocks) and timeframe, such as the BTCUSDT 1-hour chart shown. Performance varies based on market volatility and your trading strategy. This is a free tool created to support the TradingView community—feedback is welcome in the comments! Disclaimer Trading involves risk, and this indicator is not a guaranteed predictor of future price movements. Always conduct your own analysis and manage risk appropriately. The examples provided (e.g., BTCUSDT signals) are for educational purposes only and reflect past performance, which may not repeat.
Penunjuk Pine Script®
oleh UncleSamTrading
4
Trend Heuristics (+Signals)Trend Heuristics - Enhanced Rolling VWAP with Smart Signals This indicator is an enhanced version of the Rolling VWAP (RVWAP) concept, originally based on PineCoders' ConditionalAverages library. It combines volume-weighted average price analysis with advanced signal detection for both sweeps and breakouts. Core Features 1. Rolling VWAP System - Implements a dynamic rolling VWAP that adapts to different timeframes - Includes standard deviation bands for volatility measurement - Offers flexible time period settings (fixed or auto-adjusting) - Provides customizable visual elements including bands and fills 2. Dual Signal System Sweep Signals Detects high-probability reversal points with these conditions: - Bullish Sweep: - Opens above upper band - Tests below upper band (low) - Closes above upper band - Shows stronger lower wick - Closes above previous high - Has favorable close position (upper 50% of candle) - Bearish Sweep: - Opens below lower band - Tests above lower band (high) - Closes below lower band - Shows stronger upper wick - Closes below previous low - Has favorable close position (lower 50% of candle) Breakout Signals Identifies potential trend changes with these conditions: - Bullish Breakout: - Opens below VWAP - Closes above upper band - Indicates strong momentum shift upward - Bearish Breakout: - Opens above VWAP - Closes below lower band - Indicates strong momentum shift downward Technical Details Base Components - Built upon PineCoders' ConditionalAverages library - Incorporates custom alert system via CustomAlertLib - Uses standard deviation for band calculations Customization Options - Adjustable standard deviation multiplier - Flexible time period settings - Independent controls for sweep and breakout signals - Customizable visual elements (colors, sizes, positions) - Custom alert message formatting Use Cases 1. Trend Following: - Use VWAP as dynamic support/resistance - Monitor breakout signals for trend changes 2. Mean Reversion: - Use sweep signals for counter-trend opportunities - Standard deviation bands for range identification 3. Volume Analysis: - VWAP provides volume-weighted price levels - Helps identify significant price levels Notes - Best performed on liquid instruments with consistent volume - Most effective on timeframes from 1hours to 4 hours and 1D, anything greater isn't very good - Recommended to use in conjunction with other technical analysis tools - Signals can be filtered based on higher timeframe trends Credits - Original Rolling VWAP concept by PineCoders
Penunjuk Pine Script®
oleh mindyourbuisness
Trend Maestro - Linear Regression & Volatility BandsTrend Maestro - Linear Regression & Volatility Bands Description: The "Trend Maestro - Linear Regression & Volatility Bands" indicator is meticulously designed to provide traders with a clear understanding of market trends through the application of linear regression techniques and enhanced market data visualization. This tool is essential for traders looking to interpret long-term trends and market stability. Here's how the indicator functions and what makes it a unique addition to your trading toolkit: 1. Linear Regression Calculation: At the heart of this indicator lies the linear regression calculation, which identifies the primary trend direction over a specified period. It does this by computing a line of best fit through the closing prices, helping to smooth out price fluctuations and highlight the prevailing trend direction. Users have the flexibility to adjust both the length of the regression and the offset period, enabling them to tailor the indicator's responsiveness to different market conditions. 2. Visualization Through Volatility Bands: The volatility bands, plotted at half, one, two, and three standard deviations around the linear regression line, serve primarily as a visualization tool rather than a basis for investment decisions. These bands: Measure the dispersion of price from the trend line, providing a graphical representation of volatility. Help traders visually assess the market's stability and the reliability of the current trend, with broader bands indicating higher volatility and narrower bands suggesting more stability. 3. Customization Features: The indicator offers customization options including toggle switches for bar color and the display of SD bands, enhancing visual clarity. These settings allow traders to personalize the display according to their visual preferences and analysis requirements. By incorporating these elements, the "Trend Maestro - Linear Regression & Volatility Bands" indicator offers a framework for understanding market trends through both quantitative calculations and qualitative visual aids. This makes it a valuable tool for those looking to make informed decisions based on longer-term market observations.
Penunjuk Pine Script®
oleh Mishari_Alr
Trend Trigger Factor w/ Discontinued Signal Lines [Loxx]Trend Trigger Factor w/ Discontinued Signal Lines is a Trend Trigger Factor indicator with floating boundary lines to identify trends earlier What is the Trend Trigger Factor? Designed by M.H. Pee, the Trend Trigger Factors role is to help traders detect uptrends and downtrends and thus allow them to better position themselves in a with-trend manner. Its creator argues that the markets are mostly random but have a small trend component, which is the most crucial part of trading success. Being able to determine whether the market is in a bull or bear trend and how strong that trend is will allow you to be on the right side of the market for longer, capitalizing as much as possible on its trending behavior. In his article, M.H. Pee used a 15-period trackback span to explain the calculations. The TTF formula is based on the so-called Buy Power and Sell Power. In his example, Pee labeled today as day 1, yesterday as day 2, the preceding day as day 3 and so on What's new in this indicator? Averages filter out prices prior to being used in calculation. That way the lag added is smaller than when the smoothing is used on the calculated result. Unlike the original which uses levels +100 and -100 as significant levels for signal triggering, this version is using discontinued signal lines for trend filtering. That way it makes it a bit more responsive to market conditions How do I use this? The Trend Trigger Factor is similar in interpretation to the Relative Strength Index. It is plotted on a scale with most prominent levels at +100 and -100, crosses of which logically signal possible trade entries. The difference here, however, is that the upper and lower boundary flex with price movements so the upper and lower boundary shift dynamically. Crosses above the top line signify bullish sentiment, crossed below the the bottom line signify bearish sentiment.
Penunjuk Pine Script®
oleh loxx
3
Stock-Index-Relative-ReturnsThis is one of the entry conditions of Mark Minervini's trend template for entry conditions. This indicator plots returns in comparison with index. (Change the index ticker in the input as per the stock in use) Loopback period is the distance from which we are calculating returns. Green line indicates returns of the stock Red line indicates returns of the index Purple line is the difference between both. Mark Minervini's trend template expects stock_returns/index_returns to be at least 7 - which means at least 70% higher than index returns.
Penunjuk Pine Script®
oleh Trendoscope
Trend Score by KIVANÇ fr3762Trend Score compares close prices between last close with previous closes by a certain period of time. It's like momentum but gives a score +1 when close price is equal to or above (defaultly) 10 bars ago and gives a score of -1 when below. calculation continues from default length to the 2 times of length. Defaultly (for 10 bars length) If Trend Score converges to 10; that means there's a strong uptrend conversely if Trend Score converges to -10; that means a strong downtrend market is on.
Penunjuk Pine Script®
oleh KivancOzbilgic
6