INVITE-ONLY SCRIPT
Trend and Time Consensus
Updated
Time is a factor in technical analysis that's often neglected. In my opinion, using price action alone only indicates half of the overall story for a particular market. Price can be manipulated but time cannot. If you think about the moments when price has crashed or spiked up randomly, how long did it take before you were comfortable to get back in? It's normally an intuitive decision but it's always after a certain amount of time before we forget about the past and look towards the future.
The Trend and Time Consensus indicator was created to try and capture this sentiment.
There are two plots for this indicator:
Blue/Purple circle plots: Combines the consensus from multiple timeframes to compare to the yellow plot
Yellow plot: The current timeframe's price action
Blue/Purple background: Blue = bullish trend, Purple = bearish trend
This indicator is insensitive to price movement. What it cares about is the candle by candle comparison. If the current candle's movement is deemed to be stronger than the previous candle, the circle plot will print a blue colour and a top count. If the it's weaker then it'll print a purple colour and a bottom count. Figuring out if price has bottomed or topped is the holy grail of trading as it gives the trader the best position for the maximum gain/minimum loss. By utilizing the candle by candle comparison methodology, there are often times when we can save ourselves from being too early into a trend or by confirming that a price movement is indeed a real push with ample momentum.
Using this alone is meaningless but together with other forms of analysis and momentum indicators, it helps tremendously with confluence.
The Trend and Time Consensus indicator was created to try and capture this sentiment.
There are two plots for this indicator:
Blue/Purple circle plots: Combines the consensus from multiple timeframes to compare to the yellow plot
Yellow plot: The current timeframe's price action
Blue/Purple background: Blue = bullish trend, Purple = bearish trend
This indicator is insensitive to price movement. What it cares about is the candle by candle comparison. If the current candle's movement is deemed to be stronger than the previous candle, the circle plot will print a blue colour and a top count. If the it's weaker then it'll print a purple colour and a bottom count. Figuring out if price has bottomed or topped is the holy grail of trading as it gives the trader the best position for the maximum gain/minimum loss. By utilizing the candle by candle comparison methodology, there are often times when we can save ourselves from being too early into a trend or by confirming that a price movement is indeed a real push with ample momentum.
Using this alone is meaningless but together with other forms of analysis and momentum indicators, it helps tremendously with confluence.
Release Notes
Added option to remove count
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact TheTimeCount for more information, or follow the author's instructions below.
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