OPEN-SOURCE SCRIPT

V2_Major_Trend_Finder

Updated

This script is a major trend following script. The calculations use Keltner Channels, moving averages and RSI.

The indicator is simple to follow:

Green Candlesticks indicate more bullish momentum expected

Red Candlesticks indicate more bearish momentum expected

blue dots are possible long ideas due to RSI oversold

Orange dots are possible short ideas due to RSI overbought

olive line is a one year moving average

The script is open for those looking for deeper understanding of the script.

Many Regards
Sulaiman

Release Notes

Greetings guys !

Many thanks for all the likes my first trend following script has gained :)

Please find this updated script

It is the same concept as the previous one, except that we added more conditions and calculation to avoid getting trapped in trend corrections

You will notice fewer overbought and oversold signals

you will also notice the momentum bars (green/red) are more precise in explaining the trend direction.

As always the script is open for any interest deeper understanding of the script.

copy rights as per the house rules :)

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.

Want to use this script on a chart?

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