TradeChartist

TradeChartist Trend Splitter

™TradeChartist Trend Splitter is a visual Trend spotting script based on two simple models fused together - Dynamic Volatility Bands and Dynamic Mean Bands. The fusion of these two models based on user defined parameters of length, Volatility Risk and Mean Bands type, along with optional Trend Splitter color bars and Trend background split will make it visually engaging for any trader to understand the price action.

===================================================================================================================

Trend Splitter User Manual
========================

  • Trend Splitter settings has option to enable and disable the Volatility Bands and also the Mean Bands.

  • Under each heading, user can adjust the parameters to suit the trading style, based on time-frame traded.

  • Volatility Bands track the price action based on volatility 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 Volatility 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.

===================================================================================================================

Example Charts

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. Daily chart of OANDA:XAUUSD using Trend Splitter (using only Mean Bands - Weighted/144) to spot areas of support and resistance at Mean Bands.

Best Practice - Mean Bands can also act as confirmation indicator when used with other Trading View Indicators like RSI , Stohastic, Bollinger Bands etc.


4. Daily chart 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

===================================================================================================================
Release Notes: Converted to V5
Release Notes: Added - Bars Elapsed since the start of the trend - option to display on chart
Risk default - 4.618

Get in touch with me if you would like access to my Premium scripts for a trial before deciding on lifetime access.

Telegram - @Trade_Chartist

Free Scripts - http://bit.ly/Free-Scripts
Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact TradeChartist for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.

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.

Author's instructions

Get in touch with me via Private Message to request trial access to the Invite-only scripts and for more information.

Want to use this script on a chart?

Warning: please read before requesting access.