PROTECTED SOURCE SCRIPT
ZTrend
Updated
Pick Bottoms and Tops of a trend with ZTrend indicator. Use this indicator in multi frame for superb results.
If you are a Short Term trader, then use 2 hourly and Daily timeframe combination.
So after a downtrend, buy when 2 hourly candle turns green and wait until Daily candle also turns Green. Exit when 2 hourly candle turns red.
Ride the trend and do not exit until the 2 hourly candle turns Red.
When 2 consecutive candle body become thin, means end of a trend is near. Therefore either reduce the position or hedge.
Discipline is the key, therefore exit on the indication and do not wait in hope of marking turning your side.
If you are a Short Term trader, then use 2 hourly and Daily timeframe combination.
So after a downtrend, buy when 2 hourly candle turns green and wait until Daily candle also turns Green. Exit when 2 hourly candle turns red.
Ride the trend and do not exit until the 2 hourly candle turns Red.
When 2 consecutive candle body become thin, means end of a trend is near. Therefore either reduce the position or hedge.
Discipline is the key, therefore exit on the indication and do not wait in hope of marking turning your side.
Release Notes
study("ZTrend", shorttitle="Z_HA", overlay=false)O = ema(open,3)
H = ema(high,3)
L = ema(low,3)
C = ema(close,3)
haclose = (O + H + L + C) / 4
haopen = na(haopen[1]) ? (O + C) / 2 : (haopen[1] + haclose[1]) / 2
hahigh = max(H, max(haopen, haclose))
halow = min(L, min(haopen, haclose))
plotcandle(haopen, hahigh, halow, haclose, title='Mod_HA', color=(haopen < haclose) ? green : red, wickcolor=gray)
Release Notes
New update will plot ZTrend on the price chart itself.Use the Show/Hide button beside name of the instrument example show/Hide button just beside "NIFTY, 1D, NSE"
Release Notes
Actual closing price of each bar now is also plotted in light blue line. This will help give an indication where exactly the actual price is with respect to ZTrend bars.
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.