OPEN-SOURCE SCRIPT
True Barcolor
Updated
Heikin Ashi can be useful for understanding trend based on price action but it doesn't take volume in context. Here I have tried to use volume for understanding true bar color and ultimately true trend analysis. It can also help you in not getting trapped in sudden shakeouts. Also, you can use it for averaging of your existing position.
Conditions used:
Conditions used:
- Relative closing price
- Relative volume against previous bar and overall moving average of volume
- Volume analysis
- Trend analysis
Release Notes
Updated to version 5Release Notes
Trailing stoploss is added in the script to highlight when to minimize the risk and Improve R:R ratioRelease Notes
Limited number of Trailing stoploss lines display period.Release Notes
Trend reversal must be confirmed by closing above or below trailing StoplossRelease Notes
Tutorial for the script added along with the the scenario like supertrendRelease Notes
*potential entry points added
*reversal signals are added for profit booking
Release Notes
Few updates on stoplosses !!Release Notes
Trailing SL updated
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
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.