Trend Indicator B-V2 (Momentum measuring)

May 5, 2021

"Trend Indicator A-V2" and "Trend Indicator B-V2" are updated and improved versions of my initial trend indicators. Totally rethinking the code, adding highs and lows in the calculations, including some more customisation through colour schemes.

In practice, this indicator uses EMAs and Heikin Ashi to provide an overall idea of the trend.

• The "Trend Indicator A-V2" is an overlay showing “Smoothed Heikin Ashi”.
  
• The "Trend Indicator B-V2" uses the same values in a different way to measure the momentum of the trend and identify potential trend rejections.
  

Please, take into account that it is a lagging indicator.

May 6, 2021

Release Notes

Adding resolution customisation

Oct 18, 2021

Release Notes

-Added "MA Type" customisation possibility
-Replaced the "colour schemes" feature by a "base color inputs" feature (user friendly, easy to customise)
-Switched the title names to English for a better understanding
-Minor script optimisation
-changed ma_period defval to 7
-changed ma_period defval_smoothing to 7

Apr 22

Release Notes

• Updated the code to PineScript version 5
  
• Major script refresh (script optimised using functions + aesthetic touches)
  
• Removed excessive smoothing via moving average for less lag (there was previously two smoothing phases, now there is only one)
  
• Added ALMA, HMA and ZLEMA to the "MA Type" input string. You can now chose between :
  

  'ALMA' (Arnaud Legoux Moving Average)
  'EMA' (Exponential Moving Average)
  'HMA' (Hull Moving Average)
  'SMA' (Simple Moving Average)
  'SWMA' (Symmetrically-Weighted Moving Average)
  'VWMA' (Volume-Weighted Moving Average)
  'WMA' (Weighted Moving Average)
  'ZLEMA' (Zero Lag Exponential Moving Average)

• Custom settings has been added for those who'd like to use ALMA.
  

  Shift range from 1 to 0. A shift of 1 will make the indicator follow the price exactly while something closer to 0 introduces more lag. Default value is set to 0.85
  Deviation represents the filter’s range. The lower the value, the less reactive to price changes it will be. Default value is set to 6

• Default MA period has been changed to 9 to get less false signals.
  
• Default ME type set to 'EMA' because most commonly used.