Magic Trend indicator is an indicator combining the Commodity Channel Index (CCI) and the Average True Range (ATR) indicators.
The indicator is represented by a line that turns red when CCI readings are below 0 and converts to blue when CCI reaches above 0.
Color of the line can be treated as a trend indicator. When CCI > 0 (Blue Color), price is assumed to be in uptrend and a buying momentum could be seen. When CCI < 0 (Red Color), price is assumed to be in downtrend and a selling pressure could be seen.
Two Multipliers of ATR have been used. Default values for multiploier are : 1.5 and 3.0 It tells about the volatality in the price and also helps in deciding Entry poits, Stop loss points and sometimes Exit points.
If trend magic lines are not straight and moving upward/downward, continuition of the trend is expected and so Holding the position is adviced. If the farther line (line with multiplier 3.0) is broken, a trend reversal can be seen soon. In this case, squaring off and making reverse position is adviced near the other (1.5 mult) line.
If price is revolving in between these two lines... a sideways movement is expected.
Happy Trading Market Mindset
Release Notes
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Magic Trend indicator is an indicator combining the Commodity Channel Index (CCI) and the Average True Range (ATR) indicators.
The indicator is represented by a line that turns red when CCI readings are below 0 and converts to blue when CCI reaches above 0.
Color of the line can be treated as a trend indicator. When CCI > 0 (Blue Color), price is assumed to be in uptrend and a buying momentum could be seen. When CCI < 0 (Red Color), price is assumed to be in downtrend and a selling pressure could be seen.
Two Multipliers of ATR have been used. Default values for multiploier are : 1.5 and 3.0 It tells about the volatality in the price and also helps in deciding Entry poits, Stop loss points and sometimes Exit points.
If trend magic lines are not straight and moving upward/downward, continuition of the trend is expected and so Holding the position is adviced. If the farther line (line with multiplier 3.0) is broken, a trend reversal can be seen soon. In this case, squaring off and making reverse position is adviced near the other (1.5 mult) line.
If price is revolving in between these two lines... a sideways movement is expected.
Happy Trading Market Mindset
Release Notes
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Added Magic Fill Changed default Line Width
Release Notes
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Bug Fixes
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ChangeLog : 1. Added functionality to change the calculation mode. Available modes are : EMA RMA (Default) SMA VWMA and WMA
2. Added option to choose High/Low based values. Default is (high+low)/2
3. Added Buy/Sell Signal Labels
Release Notes
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ChangeLog : 1. Added functionality to pick the colors for Bullish and Bearish trends 2. Added functionality to select - Whether one wish to use a Single Magic Trend Line or a Double Magic Trend Lines Note : Buy/Sell Signals will be changed based on Calculation Mode and Single/Double Magic Trend Lines.
Release Notes
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Changed Default Settings
Release Notes
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ChangeLog : 1. Simplified the UI (Input Panel) 2. Introduced RSI for trend identifying
@thehonestone92, Thank you. You can follow my profile to get future updates and upcoming scripts too.
nighttrader1985
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clean and powerful. thanks
Dragonara
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Very clever... Thank you very much.
apdusp
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Maybe I just don't see it but shouldn't line 26 be "rsi = ta.rsi(src, period)" instead ?
marketmindset
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@apdusp, yes.. you are right. Possibly an older (trial) version got published. thanks for letting me know. I'll make the correction and publish the update shortly.
farid200
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wonderful. Thanks
marketmindset
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@farid200, Thank you. You can follow my profile to get future updates and upcoming scripts too.