Bjorgum

TKP T3 Trend With Psar Barcolor

This script is adapted from TKP's long/short indicator to initiate buy/sell indications when price crosses the T3 moving averages, and when the T3's themselves cross. Bars change colors based on price over/under T3 and T3 up or down or This allows for simple visual analysis of trend direction along with entries, exits, and stop loss values.
Release Notes: Added color change for rising/falling T3
Release Notes: Updated to version 4. Updated color scheme. Outlined metrics in comments to define signals and inputs. Name changed.

*NEW*

Incorporated a TSI momentum element to attempt to anticipate reversal candles. Arrow symbols are displayed on bars where the TSI value line "curls" toward the signal line when over or under the signal line. This can indicate momentum "headwinds" or "tailwinds"
Release Notes: Added alert conditions

-'Close crossing T3' ----> alerts that reversal candle is forming
-'T3 crossing T3 ' ----> alerts that new trend may be forming
Release Notes: -Color change and display image refresh as it was lost on last update
Release Notes: Update includes some menu name changes and plot fill color between T3 averages to accentuate bullish and bearish trends
Release Notes: NEW FEATURES!

-Optional "Plotbar Overlay" plots bars with Heikin-Ashi Inputs when toggled. This allows for the benefits of price smoothing without sacrificing moving average and indicator performance as real close value is still used. This can also help on short time frames and improve results with crypto! The user must "mute" the main series candles when in use to avoid candle overlap.

-Included optional price line as muting main bars will disable the TradingView default price line. The horizontal plot will track the real closing price while in HA mode!

4-COLOR SCHEME!

-Additional color input enabled to differentiate between bullish and bearish reversals at the users discretion! Default remains single color

-Colors are now inputs with labels in settings

-Organized input menu with new grouping capability with additional descriptions for HA overlay

-Fixed T3 alert to function properly when T3's cross each other

Release Notes: Re-publish to fix display image because TradingView can't include a preview feature
Release Notes: Bug fix for HA bar default color
Release Notes: Tradingview update exposed language variation that caused HA candle overlap. re-wrote to default candles hidden.

Default value for HA candles prior to bar color data (beginning of available data) set to up and down user defined bull/bear color
Open-source script

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.

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Comments

thanks
100 coins
+5 Reply
Bjorgum tinkl
@tinkl, Thank you very much! Your contribution is appreciated!
Reply
Dude this is insane. The way Im doing it now is I wate for arrow indicator then wait for momentum curl to follow for confirmation
+5 Reply
Bjorgum burnestgeyer
@burnestgeyer, awesome glad it’s of help my man. Try coupling with Bjorgum TSI and Bjorgum RSI for improved results. Can help filter false signals, or give confirmation for a position already executed.
+4 Reply
I love this feature. I can see complicated charts with confidence. Thank you.
However, the color of this indicator cannot be saved by default.Could you help me?
+2 Reply
Bjorgum pepsi4
@pepsi4, Makes me happy that it helps you and hope it brings you all of the success. Defaults can absolutely be saved - I just tested it. Set your preference in settings and click save default in the bottom left. I ad to do multiple updates this last week, you might have just had yours overwritten so try again.... DM if you have any more issues
Reply
pepsi4 Bjorgum
@Bjorgum, Thank you for your reply! It was a matter of my environment.
Reply
This looks crisp. Are you plannig of adding alerts for the indicator?
+2 Reply
Bjorgum BartasA
@BartasA, Happy it is working for you as it is for me! Alerts are enabled. "close crosses t3" will result in an alert when a yellow candle is formed as the closing price of the current bar crosses the average. This is the point of entry/exit. Is there a specific alert you are looking for? DM me and we can chat at length. Cheers!
Reply
Amazing script. Thank you for sharing. It works perfectly by combining Bjorgum TSI and RSI.
+1 Reply
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