It's meant to be used as an alternative filter for "trading with the trend." Typically people use moving averages of varying lengths for this (i.e. if over 200 MA it's an uptrend, etc.), but I wanted to see if it might be more effective to see if the higher timeframes were actually trending or not in a certain direction.
For the purposes of this indicator, an uptrend is defined as higher highs and higher lows. So if currently in a downtrend and the highs are broken, the indicator will flip to an uptrend because now we have a higher high. Vice versa for downtrends.
The user can choose the lookback period for defining these highs/lows (the ). A smaller lookback number will give you more frequent .
The user can toggle on visibility of all historical to make sure the frequency and placement of the swing highs/lows is to their liking.
The user can show the lines of those most recent swing high/low points on the multiple timeframes as well.
When these lines are breached, that is when the trends change, so you can see if you are close to changing any longer term trends.
My hope is that this gives people a quick glance at the overall trend without having to cycle through different timeframes.
- Optimizes the code for improved speed (with some coding help from @RozaniGhani-RG)
- Allows the user to select which timeframes they want to view the trend information on instead of that being hard coded
- Moves the information from the widget that was at the right of the chart to a table (upper right) for easier viewing at all zoom levels and to allow me to pass on the variable timeframe (which was not allowed on the widget)
- Adds additional color options for support/resistance lines to give the user greater control over how they look
Hope you guys find it useful!
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 a publication is governed by House Rules. You can favorite it to use it on a chart.