OPEN-SOURCE SCRIPT
Trend Slope Meter - Kaspricci
Updated
Trend Slope Meter
This indicator measures the slope of the trend defined by a moving average or an external source. The slope is calculated by the change of price in ticks for a defined number of bars divided by the number of bars.
Settings
This indicator measures the slope of the trend defined by a moving average or an external source. The slope is calculated by the change of price in ticks for a defined number of bars divided by the number of bars.
Settings
- Source - Default: close price. Used to calculate the moving average as basis for slope measurement. Can be an external source of a different indicator as well. In case you select an external source, you can disable the moving average calculation.
Moving Average Settings - Type - Default: EMA. Type of moving average calculation. All provided out of the box by TradingView.
- Length - Default: 50. Length used to calculate moving average.
Slope Settings - Length - Default: 50. Length used to calculate slope.
Release Notes
Update of chart only. For better illustration I used the default EMA provided by Trading View and applied the Trend Slope Meter for this plot. 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.