My most complex script as a gift to you @TradingView.
Simple price action analysis. Look at the chart and the indicator will do everything else for you. This indicator is based in a combination of several indicators, including ADX, EMA, and concepts by the book "Bar by Bar" by Al Brooks. You can use it any way you like.
Its been tested in 5 minute stock charts, anything else is not assured to work.
Key: Yellow/Pink ===> Buyer / Seller pressure (Bears/Bulls are gaining momentum) Green/Orange ===> Up Trend / Down Trend, this is based on ADX, change the values if you wish. Red ===> High reversal chance, based on Al Brooks book. Grey Bars ===> No man land. (No trend is taking place)
This script is published closed-source and you may privately use it freely.
Want to use this script on a chart?
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