OPEN-SOURCE SCRIPT
WonderTrend Indicator
Updated
Determining trends and reversals are the keys to trading, yet very difficult. Parabolic SAR is hard to trade during choppy price action. SuperTrend is a bit late in determining changes of trend and not great and exit signals.
So WonderTrend is a bit of both, a more stubborn PSAR, also a faster SuperTrend. The green is up, red is down, and yellow is caution helps traders read the chart patterns to enter and exit.
Enjoy!
So WonderTrend is a bit of both, a more stubborn PSAR, also a faster SuperTrend. The green is up, red is down, and yellow is caution helps traders read the chart patterns to enter and exit.
Enjoy!
Release Notes
The long-awaited update to WonderTrend. The shading is produced by measuring the gap and the rounding angles. The result shown allows traders to visually "see" the current trend, and avoid dormant price action.
Rules that may be helpful:
1. The beginning of the color segments are good entry points. You'll notice that good trends are color shaded.
2. The best exits depend on your target and psyche :)
3. When there's no shading, it's drifting. The slope acts as a prevailing wind, and may predict the direction for the next color segment.
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.
Want to use this script on a chart?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.