OPEN-SOURCE SCRIPT
Updated Recent Trend Indicator
Recent Trend Indicator
Release Notes
Recent Trend IndicatorThe Recent Trend Indicator is a colorful way to easily identify the recent trend with a Red Light/Green Light look. With the default settings, the trend is identified in the following way:
Green = Up Trend = Last Bar is at least 15% greater than the bar six months ago
Yellow = Sideways Up Trend = Last Bar is greater than the bar six months ago but not more than 15% greater
Orange = Sideways Down Trend = Last Bar is less than the bar six months ago but not more than 15% less
Red = Down Trend = Last Bar is at least 15% less than the bar six months ago
All values are editable with the following default settings:
Trend Timeframe = 1 Week
# of Bars for Trend = 26 (6 months)
Trend Growth % = 15%
With the default settings, this indicator is best viewed on the Daily chart but you can easily edit the settings to work well intraday as well on a 5m or 15m chart with settings something like this:
Trend Timeframe = 1 Day
# of Bars for Trend = 5, 7, 10, 14 or 30 for example
Trend Growth % = 2% or 3%
*** NOTE: This is NOT a standalone system and should only be used with other indicators or strategies to determine a good entry point.
Version 1.1: Added the above notes to explain the indicator and added a step value to the Trend Growth % to allow for .25% increments instead of whole numbers
Release Notes
Version 1.2: Removed the resolution="" from the study line to avoid confusion using the timeframe settingsOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.