OPEN-SOURCE SCRIPT
Trend Risk Indicator (TRI)
The Trend Risk Indicator is a simple bands indicator made of 2 custom averages of candlesticks ranges calculated within the variable “BandBars” period.
Upper and lower channel bands width can be adjusted with the “Deviation” variable, which act as a simple factor to enlarge the spread between them.
When Close crosses over the upper band, it is a bearish signal and candlesticks are painted in Red.
When Close crosses under the lower band, it’s a bullish signal and candlesticks are painted in Green.
One of the most interesting indicators for 1 minute scalping. Recommended to use on Renko bars.
*drag to chart and pin to scale, also remove borders from candlesticks.
Upper and lower channel bands width can be adjusted with the “Deviation” variable, which act as a simple factor to enlarge the spread between them.
When Close crosses over the upper band, it is a bearish signal and candlesticks are painted in Red.
When Close crosses under the lower band, it’s a bullish signal and candlesticks are painted in Green.
One of the most interesting indicators for 1 minute scalping. Recommended to use on Renko bars.
*drag to chart and pin to scale, also remove borders from candlesticks.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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