gives us some abilities to calculate the trend and if we combine it with then we may get very good results. Because if there is no support at up/downtrends then the trend may have a reversal soon. we also need to check the trend in different periods. With all this info, I developed Volume-Supported Trend script. The script checks of price and and then calculates trend direction and strength.
You have option to set Source, Short-Term Period and Long-Term Period. you can set them as you wish.
Close is used as "Source"
Short-Term Period is 20
Long-Term Period is 50
in following screenshot I tried to explain short term trend (for uptrend). supports the trend? any pressure on trend? possible reversal? same idea while there is downtrend.
in following screenshot I tried to explain long term trend:
You can also check Positive/Negative Divergences to figure out possible reversals (to automate it, you can use Divergence for Many Indicators v4, it has ability to check divergences on external indicators)
unnecessary commands removed
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.