OPEN-SOURCE SCRIPT
Updated True Barcolor
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 updatedOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.