OPEN-SOURCE SCRIPT
Trend Strength Signals [AlgoAlpha]
Updated
πIntroducing the Trend and Strength Signals indicator by AlgoAlpha! This tool is designed to help you identify trends and gauge market strength with precision and ease. ππ
π Quick Guide to Using the Trend and Strength Signals Indicator
Maximize your trading with the Trend and Strength Signals indicator by following these streamlined steps! π―β¨
βοΈ How it works
This indicator calculates the moving average and standard deviation of the closing price over a customizable period to identify the upper and lower bounds. When the price crosses these bounds, it signals an uptrend or downtrend. The gauge measures market strength by comparing the price to the moving average and scaling it over a customizable range, while the underlying logic uses concepts from the Bollinger Bands, this indicator gives a unique perspective on price behavior through added features and signals derived from it.
Unleash the power of trend and strength analysis with this comprehensive indicator! Happy trading! ππβ¨
- π Customizable Parameters: Adjust the period, standard deviation multiplier, gauge size, and colors to fit your trading style.
- π Trend Detection: Visualize trends with clear color-coded signals for uptrends and downtrends.
- π Strength Gauge: Assess market strength with a dynamic gauge that adapts to the current price action.
- π Alerts: Set alerts for bullish and bearish trend crossovers and take profit points to stay ahead of the market.
- π¨ Visual Enhancements: Enjoy a clutter-free chart with the integration of plot shapes, color fills, and gradient gauges.
π Quick Guide to Using the Trend and Strength Signals Indicator
Maximize your trading with the Trend and Strength Signals indicator by following these streamlined steps! π―β¨
- π Add the Indicator: Add the indicator to your favorites. Customize settings like period, standard deviation multiplier, and colors to fit your trading style.
- π Market Analysis: Observe the color-coded candles and gauge to understand market trend direction and strength. Use the alerts for key trading signals.
- π Alerts: Enable notifications for trend crossovers and take profit points to catch trading opportunities without constantly monitoring the chart.
βοΈ How it works
This indicator calculates the moving average and standard deviation of the closing price over a customizable period to identify the upper and lower bounds. When the price crosses these bounds, it signals an uptrend or downtrend. The gauge measures market strength by comparing the price to the moving average and scaling it over a customizable range, while the underlying logic uses concepts from the Bollinger Bands, this indicator gives a unique perspective on price behavior through added features and signals derived from it.
Unleash the power of trend and strength analysis with this comprehensive indicator! Happy trading! ππβ¨
Release Notes
Added option to enable/disable the trend cloudRelease Notes
Fixed Alert TypoRelease Notes
Added universal alerts so that 1 alert will notify the user of trend changes in both directions, as well as TPs from both directions.
πΆ50% OFF CODE FOR ALL PLANS: 'FIVETHOUSAND50' πΆ(ends Sep 13)
π¨Get premium: algoalpha.io
πGet FREE signals: discord.gg/xCmqTVRexz
βDo you have feedback or indicator ideas? Join our server to tell us about it!
π¨Get premium: algoalpha.io
πGet FREE signals: discord.gg/xCmqTVRexz
βDo you have feedback or indicator ideas? Join our server to tell us about it!
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
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.