TNT — Indicator by Lazylady — TradingView India

This script just changes the background of the chart to show Trending(Green) / Range Bound(Red) Regions.

The concept is very simple, al each candle we look at the size of the candle and use a moving average of these candle body size (ABS (close-open)) and compare it agains a double smoothened average, i.e. moving average of this average to find trending or not trending periods.

I find it useful primarily for entry in options, a green background is more favourable for option buying and a red background is more favourable for option selling.

This script tells you nothing about the direction of trade.

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.

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