OPEN-SOURCE SCRIPT
Trend Meter
Updated
Use as a supplementary Indicator to confirm your entries, but it is as good on it's own.
When you first apply the indicator to your chart make sure you shrink it down It looks a lot better that way
The indicator consists of 3 different Trend Meters and a Trend Bar which are used to confirm trend
As a bonus Possible Momentum Setup entries based on Stochastics are marked as well, these are very Powerful however please use with caution
How to Use
The more Trend meters are lit up the better
Look for Support or Resistance Levels for price to be attracted to
Find confluence with other indicators
Enter Long above the Setup Bar
Enter Short Below the Setup Bar
When you first apply the indicator to your chart make sure you shrink it down It looks a lot better that way
The indicator consists of 3 different Trend Meters and a Trend Bar which are used to confirm trend
As a bonus Possible Momentum Setup entries based on Stochastics are marked as well, these are very Powerful however please use with caution
How to Use
The more Trend meters are lit up the better
Look for Support or Resistance Levels for price to be attracted to
Find confluence with other indicators
Enter Long above the Setup Bar
Enter Short Below the Setup Bar
Release Notes
Adjusted;Filter X parameters
Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
Release Notes
Updated Alerts - You can see and set them properly now Release Notes
Fixed issue with AlertsRelease Notes
Ability to change dot sizeBackground Highlight when all 3 conditions are met
Adjusted Alerts
Release Notes
Major UpdateAdded;
Trend Meters - Fast MACD and RSI Signal Line Cross and RSI 13 Above or Below 50
A Second Trend Bar - Trend Bars Show MA Cross or MA direction
Lots of Alerts
All in All a much more accurate Trend Meter to confirm your trades
Release Notes
Removed Stochastic Momentum Setups and Replaced them with Wave Trend SignalsRelease Notes
Fixed Signals - Enjoy but please Back TestRelease Notes
Added Alert for "Any Setup" - Combines Wave Trend Setups, 3 conditions met Setups and 5 ? 11 ema crosses This Alert is very powerful
However please remember to Long or Short only after the Setup Bar is Closed
and to have a very tight stop loss,
Stop Loss at Bottom of Setup Bar for Longs and Top of Setup Bar for Shorts.
If Price hasn't gone your way after a couple of Bars then cancel your order and wait for a new setup
Release Notes
As Per Request AddedAlerts for Rapid Color Change for 3 trend meters
Release Notes
Long Awaited UpdateRemoved a lot of non essential alerts
Added Alerts for when Trend Meters line up with Trend Bars - This has been a long standing request by the community
Release Notes
Fixed a fault with the AlertsRelease Notes
Updated Menu & AlertsRelease Notes
Finally the Alerts that Everyone has been asking for!3 Trend Meters No Longer Align - Possible exit / take profit signal
Wave Trend Signal when the 3 Trend Meters Align
Release Notes
Added Indication for Positive or Negative Pressure based on RSI and Wave TrendRelease Notes
Adjusted position of Pos/Neg Strength DotsRelease Notes
Updated the Look and Function of the Trend Meter and the MenuRelease Notes
Updated ChartRelease Notes
Updated ChartOpen-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.