This indicator gives a visual representation of Dow Theory Price action based trend analysis and provides trader a table with 4 different timeframe to align with the trend. It will help traders identify if it is an ongoing Impulse Wave or a Corrective Wave.
3 rules for Bullish Price Action setup (Uptrend or continuation of existing UpTrend): Denoted by 'U' below the candlestic HH - Higher High HL - Higher Low CAH - Close above prior High
3 rules for Bearish Price Action setup (Downtrend or continuation of existing DownTrend): Denoted by 'D' below the candlestic LH - Lower High HL - LowerLow CAH - Close below prior Low
Exception - Outside Candle: Denoted by 'OC' above the candlestic Outside reversal is a two-day price pattern that shows when a candle or bar on a candlestick or bar chart falls “outside” of the previous day's candle or bar.
The table posistion can be set be user from the input settings as per his screen setting / resolution. The trailing line can is also customizable from inputs, recomended value is 3-4.
Ideation Credits: Mr. Vineet Jain
Release Notes
Fixed the code where it the trend was an existing trend was changing without a valid DOW Theory Price action condition becoming true.
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 publications is governed by House rules. You can favorite it to use it on a chart.
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