OPEN-SOURCE SCRIPT
Trend Strength Indicator
The Trend Strength Indicator is a versatile tool designed to measure the strength of market trends using Exponential Moving Averages (EMAs).
It evaluates price distances from EMAs of different periods (10, 20, 50, and 200) to determine trend strength across various timeframes.
The indicator assigns a rating from 1 to 10, with green indicating a positive trend (price above EMA) and red indicating a negative trend (price below EMA).
The ratings are displayed in a table, providing a clear visual representation of trend strength for very short-term, short-term, mid-term, and long-term trends. This helps traders make informed decisions based on trend analysis.
It evaluates price distances from EMAs of different periods (10, 20, 50, and 200) to determine trend strength across various timeframes.
The indicator assigns a rating from 1 to 10, with green indicating a positive trend (price above EMA) and red indicating a negative trend (price below EMA).
The ratings are displayed in a table, providing a clear visual representation of trend strength for very short-term, short-term, mid-term, and long-term trends. This helps traders make informed decisions based on trend analysis.
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.