Trend Splitter User Manual
- Under each heading, user can adjust the parameters to suit the trading style, based on time-frame traded.
- Bands track the price action based on trend lookback (Default - 55, MIn - 5, Max - 337) and also uses a Detector plot based on user defined risk (Default is 2.618, Min - 0.618, Max - 5) to continuously track the price action.
- Mean Bands track the Mean values of the price action based on TradeChartist's original Mean Reversion Model based on one of 4 time tested Fib Lengths (Default - 55, Options - 55, 89, 144, 233, 337) and detects the price testing of Mean using Orange touchpoints.
- Using Price Action in relation to both Bands and the Mean Bands, the script creates Mean Bands filtered Trend splits that plot Bull or Bear Trend background.
- The Mean Bands Filter can be disabled for Trend Splits by just disabling Mean Bands from the settings. Also the option to display Trend Split background can also be enabled or disabled from the settings.
- The settings also includes a useful feature to enable or disable coloured price bars using one of 3 colour themes.
- Users can create alerts for Price testing mean, Bull and Bear trends using Long or Short from Trend Splitter's Alert Condition.
- The indicator doesn't repaint even though a potential repaint warning appears when creating alerts. This can be confirmed by doing bar replay with vertical lines at various lines and trend change zones to get confidence using the indicator. The vertical lines will stay in the same place on both current time and when running a bar replay.
1. 5m chart of BINANCE:AXSUSDTPERP using Trend Splitter (144, 2.618, Normal, 55) and TradeChartist Momentum Drift Oscillator (144 with Drift Visualizer). The Trend Splitter and MDO combo work brilliantly on Lower Time Frames and even on 15s/30s charts with MDO length of 144.
Best Practice - Always wait for a very long trend (over 337 bars on both MDO and Trend Splitter before taking a reverse trend trade at either Exhaustion or Super OB/OS zones of MDO ) when using very low time-frames.
2. 5m chart of NYSE:PLTR using Trend Splitter (144, 3.618, Normal, 55) connected to TradeChartist Fib Master to plot Automatic Fibs. Just use Trend Identifier of Trend Splitter from Fib Master signal dropdown from settings, having both scripts active on chart.
3. of OANDA:XAUUSD using Trend Splitter (using only Mean Bands - Weighted/144) to spot areas of at Mean Bands.
Best Practice - Mean Bands can also act as confirmation indicator when used with other Trading View Indicators like , Stohastic, etc.
4. of COINBASE:ETHUSD using Trend Splitter (55, 0.618, Weighted, 55) connected to TradeChartist Plug and Trade to show Trend Splitter based Entries with Targets and Past Performance to assess the settings parameters in Trend Splitter. Just use Trend Identifier of Trend Splitter from Plug and Trade signal dropdown from settings, having both scripts active on chart.
Best Practice: Test with different settings first using Paper Trades before trading with real money
Risk default - 4.618
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