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OPEN-SOURCE SCRIPT

Recent Trend Indicator

By Dustin_D_RLT
Updated
Recent Trend Indicator
Release Notes
Recent Trend Indicator

The Recent Trend Indicator is a colorful way to easily identify the recent trend with a Red Light/Green Light look. With the default settings, the trend is identified in the following way:

Green = Up Trend = Last Bar is at least 15% greater than the bar six months ago
Yellow = Sideways Up Trend = Last Bar is greater than the bar six months ago but not more than 15% greater
Orange = Sideways Down Trend = Last Bar is less than the bar six months ago but not more than 15% less
Red = Down Trend = Last Bar is at least 15% less than the bar six months ago

All values are editable with the following default settings:

Trend Timeframe = 1 Week
# of Bars for Trend = 26 (6 months)
Trend Growth % = 15%

With the default settings, this indicator is best viewed on the Daily chart but you can easily edit the settings to work well intraday as well on a 5m or 15m chart with settings something like this:

Trend Timeframe = 1 Day
# of Bars for Trend = 5, 7, 10, 14 or 30 for example
Trend Growth % = 2% or 3%

*** NOTE: This is NOT a standalone system and should only be used with other indicators or strategies to determine a good entry point.

Version 1.1: Added the above notes to explain the indicator and added a step value to the Trend Growth % to allow for .25% increments instead of whole numbers
Release Notes
Version 1.2: Removed the resolution="" from the study line to avoid confusion using the timeframe settings
trendTrend Analysistrendchangetrendcontinuationtrendfollowingtrendingtrendtrading

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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Dustin_D_RLT

Disclaimer

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