This simple indicator is used to gauge the trend on higher time frame, you can ideally set a time frame of 3x to 4x of the current time frame you are using.
E.g. In BankNifty day trading you can use 3 min TF on chart and use 15 min (default indicator value) of the trend analyzer indicator.
How to use the indicator?
1. Trend is your friend :- If the indicator is giving you a buy, use lower timeframe to enter long and vice versa.
2. Higher TF, takes time to change trend, it’s ok to leave those time period for trading.
3. When both higher TF & lower TF trend is aligned, you success ration increases drastically.
Any feedback is welcomed.
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.
Check my profile for Twitter account, I have posted along with screen short of the trades using 3 min time frame and default indicator settings.
I am not allowed to post picture here or idea on 3 min time frame due to restrictions.
Your feedback on intraday trading is very helpful to us.
I want to learn how to judge BN movement, please help me.