Trend Strength Signals [AlgoAlpha]

🌟Introducing the Trend and Strength Signals indicator by AlgoAlpha! This tool is designed to help you identify trends and gauge market strength with precision and ease. 📈🚀

• 🛠 Customizable Parameters: Adjust the period, standard deviation multiplier, gauge size, and colors to fit your trading style.
  
• 📊 Trend Detection: Visualize trends with clear color-coded signals for uptrends and downtrends.
  
• 📈 Strength Gauge: Assess market strength with a dynamic gauge that adapts to the current price action.
  
• 🔔 Alerts: Set alerts for bullish and bearish trend crossovers and take profit points to stay ahead of the market.
  
• 🎨 Visual Enhancements: Enjoy a clutter-free chart with the integration of plot shapes, color fills, and gradient gauges.
  

🚀 Quick Guide to Using the Trend and Strength Signals Indicator

Maximize your trading with the Trend and Strength Signals indicator by following these streamlined steps! 🎯✨

1. 🛠 Add the Indicator: Add the indicator to your favorites. Customize settings like period, standard deviation multiplier, and colors to fit your trading style.
   
   
   
   
2. 📊 Market Analysis: Observe the color-coded candles and gauge to understand market trend direction and strength. Use the alerts for key trading signals.
   
   
   
   
3. 🔔 Alerts: Enable notifications for trend crossovers and take profit points to catch trading opportunities without constantly monitoring the chart.
   
   

⚙️ How it works

This indicator calculates the moving average and standard deviation of the closing price over a customizable period to identify the upper and lower bounds. When the price crosses these bounds, it signals an uptrend or downtrend. The gauge measures market strength by comparing the price to the moving average and scaling it over a customizable range, while the underlying logic uses concepts from the Bollinger Bands, this indicator gives a unique perspective on price behavior through added features and signals derived from it.

Unleash the power of trend and strength analysis with this comprehensive indicator! Happy trading! 🚀📈✨

Release Notes:

Added option to enable/disable the trend cloud

Release Notes:

Fixed Alert Typo