INVITE-ONLY SCRIPT
Trend Strength Buddy
Updated
One of the indicators in the "Trend Buddy" suite.
This indicator plots the oscillator at the bottom of the chart and colors the candles according to trend strength.
The oscillator can be used to identify divergence in several ways
Legend of candle colors
Note that the healthiest uptrends will show an oscillator value greater than zero (vice versa for downtrends). Using deflections of the zero-line can help filter our false trend changes.
This Suite of indicators is actively being developed and researched. Please contact me directly for more information.
This indicator plots the oscillator at the bottom of the chart and colors the candles according to trend strength.
The oscillator can be used to identify divergence in several ways
- If price is moving one way and the oscillator another, it can mean that the trend is gearing up to change. Example: above, in Bancor (BINANCE:BNTBTC)
- If price is making higher highs/lower lows and the oscillator is not, it can signal that the current trend is weakening. Example: see vertical lines https://www.tradingview.com/x/NgQbiAUh/
Legend of candle colors
- strong uptrend - green
- weakening uptrend - olive
- weakening downtrend - maroon
- strong downtrend - red
Note that the healthiest uptrends will show an oscillator value greater than zero (vice versa for downtrends). Using deflections of the zero-line can help filter our false trend changes.
This Suite of indicators is actively being developed and researched. Please contact me directly for more information.
Release Notes
Reduce dimensionality of inputRelease Notes
PolishInvite-only script
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