OPEN-SOURCE SCRIPT
Trend Finder++ (by Alex L.)
This indicator seeks for a short term trend within a bigger long term trend and displays both in a channel with an extension lines (optional).
Use of this indicator is quite simple: when the stock is near the trend line bottom (default RED) it can be a good time to buy and when the stock is near the trend line top (default GREEN) it can be a good time to sell.
What new ideas and cool stuff this indicator offers:
- 'Trend (Months)' -
Trend channels will always be displayed over the period: last 'X' months (regardless of the 'Time Interval' set in your chart)
This allows you to go into a larger or smaller resolution and still see the same trend lines!
- 'Trend (Bars)' -
Optional. You can choose to display the Trend channel based on bars instead of months.
This can be useful for advanced traders, or in case a security is new and there isn't even 1 month of data.
- 'Show long-term trend' -
Optional. Displays a larger 3rd (even more long-term) trend in addition to the two current trends.
This is for advanced traders who want to see an even more bigger picture. It is best viewed on a weekly time interval.
- Customizable channel size, channel colors and channel style.
- 'Extend lines' -
Optional (default: yes). Trend channels' can be displayed with extension or without using this option.
- Internal Feature -
When trend channel goes below zero (can happen if stock's price falls sharply) - its below-zero portion will be drawn as 'extension' instead.
This is useful if such occurs, and we're in an auto-scaled chart - the lines will take less space on screen (for cleaner view).
Based on an idea/indicator by @ DevLucem called "Linear Regression ++"
Open Source.
Enjoy!
Use of this indicator is quite simple: when the stock is near the trend line bottom (default RED) it can be a good time to buy and when the stock is near the trend line top (default GREEN) it can be a good time to sell.
What new ideas and cool stuff this indicator offers:
- 'Trend (Months)' -
Trend channels will always be displayed over the period: last 'X' months (regardless of the 'Time Interval' set in your chart)
This allows you to go into a larger or smaller resolution and still see the same trend lines!
- 'Trend (Bars)' -
Optional. You can choose to display the Trend channel based on bars instead of months.
This can be useful for advanced traders, or in case a security is new and there isn't even 1 month of data.
- 'Show long-term trend' -
Optional. Displays a larger 3rd (even more long-term) trend in addition to the two current trends.
This is for advanced traders who want to see an even more bigger picture. It is best viewed on a weekly time interval.
- Customizable channel size, channel colors and channel style.
- 'Extend lines' -
Optional (default: yes). Trend channels' can be displayed with extension or without using this option.
- Internal Feature -
When trend channel goes below zero (can happen if stock's price falls sharply) - its below-zero portion will be drawn as 'extension' instead.
This is useful if such occurs, and we're in an auto-scaled chart - the lines will take less space on screen (for cleaner view).
Based on an idea/indicator by @ DevLucem called "Linear Regression ++"
Open Source.
Enjoy!
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.
Disclaimer
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