OPEN-SOURCE SCRIPT
Moving Average Slope [aamonkey]
Updated
This indicator tries to identify ranging and trending markets.
It measures the angle of a Moving Average in order to filter out ranging markets.
The idea is to only enter a trend following trade if the slope is steep enough.
In order to create this indicator, I used a strategy script from bennef called "Trend Angle BF" and slightly modified it to transform it from an entry/exit indicator to a filter.
The calculations are based on Evergrets "Jurik MA" and angle calculation by KyJ.
It measures the angle of a Moving Average in order to filter out ranging markets.
The idea is to only enter a trend following trade if the slope is steep enough.
In order to create this indicator, I used a strategy script from bennef called "Trend Angle BF" and slightly modified it to transform it from an entry/exit indicator to a filter.
The calculations are based on Evergrets "Jurik MA" and angle calculation by KyJ.
Release Notes
Thx to ahancock I removed redundant codeRelease Notes
Updated pictureOpen-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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