Trend Indicator (dow trending) - Fontiramisu by Fontiramisu

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Indicator showing pivots and interpret a trend out of it.

Pivots are calculating with deviation parameter to validate with more precision.

Trending moves are calculated according to Dow Theory :

In an uptrend, if the price made a new high, the price must make a new high to confirm the trend, otherwise, it might signal a possible change in the trend.
In an uptrend, if the price made a new low, the price must make a new low to confirm the trend, otherwise, it might signal a possible change in the trend.

The indicator can show 2 trends with 2 different "Pivot Depth"
See indicator parameters.

Tab is display at the bottom right corner to show trend direction and if it is hesitating

Fontilab Library is used to code this indicator

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 a publication is governed by House Rules. You can favorite it to use it 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.

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