Pick Bottoms and Tops of a trend with ZTrend indicator. Use this indicator in multi frame for superb results. If you are a Short Term trader, then use 2 hourly and Daily timeframe combination. So after a downtrend, buy when 2 hourly candle turns green and wait until Daily candle also turns Green. Exit when 2 hourly candle turns red. Ride the trend and do not exit until the 2 hourly candle turns Red.
When 2 consecutive candle body become thin, means end of a trend is near. Therefore either reduce the position or hedge.
Discipline is the key, therefore exit on the indication and do not wait in hope of marking turning your side.
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study("ZTrend", shorttitle="Z_HA", overlay=false)
O = ema(open,3) H = ema(high,3) L = ema(low,3) C = ema(close,3)
haclose = (O + H + L + C) / 4 haopen = na(haopen[1]) ? (O + C) / 2 : (haopen[1] + haclose[1]) / 2 hahigh = max(H, max(haopen, haclose)) halow = min(L, min(haopen, haclose))
New update will plot ZTrend on the price chart itself.
Use the Show/Hide button beside name of the instrument example show/Hide button just beside "NIFTY, 1D, NSE"
Release Notes
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Actual closing price of each bar now is also plotted in light blue line. This will help give an indication where exactly the actual price is with respect to ZTrend bars.
well, i am able to plot z trend on main chart but that main chart is collision with z trend so its become difficut to recognise yr chart, how to remove main chart and keep only z trend as chart kindly guide. thx
techDRT
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@stock_rider, change chart view to line from candle and problem solved.
krishnachaurasia362
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@stock_rider, sir what is the z trend indicater
My name is Krishna
9073048183
Please solve my problem what is the z indicater
AnchalGiriya
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line 9: Undeclared identifier `haopen`;
line 10: Undeclared identifier `haopen`;
line 11: Undeclared identifier `haopen`;
line 11: Undeclared identifier `hahigh`;
line 11: Undeclared identifier `halow`
line 8: Undeclared identifier `haopen`;
line 9: Undeclared identifier `haopen`;
line 10: Undeclared identifier `haopen`;
line 11: Undeclared identifier `haopen`;
line 11: Undeclared identifier `hahigh`;
line 11: Undeclared identifier `halow`
AnchalGiriya
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haopen = na(haopen) ? (O + C) / 2 : (haopen + haclose) / 2
From where the haopen is getting the initial value, this is creating problem.
PraneethMaganti
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It says access locked to the source code. Can you please grant access
PraneethMaganti
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How are are you guys able to use it? It shows access restricted to me
janvrot
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Hi there ... I really like your chart .... could you give me access so I can try some different settings?
Thank you very much!!!
VishalSharma_08
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Sir I would like to use it but due to restriction not been able to do that!
RManuse
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I would love to give it a try. Thank you for the great looking script.