OPEN-SOURCE SCRIPT
FX Trend
Updated
FX Trend Indicator by request of S.C. in The Trading Journal Discord.
Original Meta Trader Indicator at mql5.com/en/code/21433
FXT = K * ((Close-L1) / (D1*Small range)+(Close-L2) / (D2*Middle range)+(Close-L3) / (D3*Big range))
Where:
D1 = H1 - L1
D2 = H2 - L2
D3 = H3 - L3
L1, H1 - the lowest and the highest prices in the Small range
L2, H2 - the lowest and the highest prices in the Middle range
L3, H3 - the lowest and the highest prices in the Big range
K = 100.0 / (1/Small range+1 / Middle range+1 / Big range)
Original Meta Trader Indicator at mql5.com/en/code/21433
FXT = K * ((Close-L1) / (D1*Small range)+(Close-L2) / (D2*Middle range)+(Close-L3) / (D3*Big range))
Where:
D1 = H1 - L1
D2 = H2 - L2
D3 = H3 - L3
L1, H1 - the lowest and the highest prices in the Small range
L2, H2 - the lowest and the highest prices in the Middle range
L3, H3 - the lowest and the highest prices in the Big range
K = 100.0 / (1/Small range+1 / Middle range+1 / Big range)
Release Notes
Removed unused variables.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.
Disclaimer
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