OPEN-SOURCE SCRIPT
Pour Niki daily
This indicator allows bullish trend following by visually highlighting :
1/ the trend
2/ impulsive candles
3/ corrective movements
CHANELS: Chanels are created with 3 lines:
UPPER line is the line of the highs
STOPLOSS (dotted line) is a moving average that can be used for STOP LOSS positioning
END OF TREND is a moving average used to show a potential end of current trend
Periods are 20 and 7 for Daily Charts, can be changed to 7 and 3 for Weekly Charts
1. TREND detection
if the background is GREEN: Bullish
if the background is WHITE: Bearish
if the background is ORANGE: Uncertain
3. NEW TREND STARTING
▲ indicates the beginning of a new bullish trend
2. IMPULSIVE CANDLES in light green
can be used to look for a new entry point or for a partial profit in a running bullish trend
3. ALERTS
! indicates a corrective movement with the low close to the STOPLOSS line
1/ the trend
2/ impulsive candles
3/ corrective movements
CHANELS: Chanels are created with 3 lines:
UPPER line is the line of the highs
STOPLOSS (dotted line) is a moving average that can be used for STOP LOSS positioning
END OF TREND is a moving average used to show a potential end of current trend
Periods are 20 and 7 for Daily Charts, can be changed to 7 and 3 for Weekly Charts
1. TREND detection
if the background is GREEN: Bullish
if the background is WHITE: Bearish
if the background is ORANGE: Uncertain
3. NEW TREND STARTING
▲ indicates the beginning of a new bullish trend
2. IMPULSIVE CANDLES in light green
can be used to look for a new entry point or for a partial profit in a running bullish trend
3. ALERTS
! indicates a corrective movement with the low close to the STOPLOSS line
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.
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