This indicator script setup is published to identify the strength and ride the trends.
100 period is used as default. However this can be changed as per wish. Major turning points or decisions can be made using this line. Purple color is used to identify this. This can be used as the final extreme stop for any trend before it turns.
Blue colored Adjacent line can be used to determine the trend strength or ride the trend till it slows down. When trending move happens it can be ride till the candles comes within this Adjacent line. And then sideways move or the moves between & Adjacent line can be traded
Dotted lines in Red and Green colors are used as very tight stop. This can be also used as first level of profit booking when very strong move happens.
There is an optional 'Trend View' which can be used to determined the trend.
//This script/indicator published with the idea of finding the strength of any instruments. Trade decisions and execution are up to the traders/users as per their understanding
//Courtesy: Thanks to Alan Hull and Richard as some of the concepts are inspired from them
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 a publication is governed by House Rules. You can favorite it to use it on a chart.