OPEN-SOURCE SCRIPT
Trend Filter
Updated
The indicator paints the bar colours based on the average open and average close for past N days.
if average close is above average open, the bars are coloured green, otherwise they are coloured red
It can be used as a general trend filter on weekly, daily bars. even on intraday timeframes, this would work well and give a sense of the current trend direction.
if average close is above average open, the bars are coloured green, otherwise they are coloured red
It can be used as a general trend filter on weekly, daily bars. even on intraday timeframes, this would work well and give a sense of the current trend direction.
Release Notes
Added the Moving Average Plots and an additional arrow whenever there is a trend change.
MohitMarwaha
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.
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