OPEN-SOURCE SCRIPT
Indicator: Vertical Horizontal Filter (VHF)
VHF determines whether prices are in trending or congestion phase. Rising edge signifies a trend, falling edge signifies prices may be entering congestion phase.
Many use this as a contrarian indicator, which is my personal preference too.
I have added an option to plot EMA too, to see how strong the trend/no-trend values are.
Many use this as a contrarian indicator, which is my personal preference too.
I have added an option to plot EMA too, to see how strong the trend/no-trend values are.
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.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
Disclaimer
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