OPEN-SOURCE SCRIPT
Madrid Trend Strength
This indicator displays a vector that measures the direction and the strength of a trend. It is based on the Awesome Indicator (AO), the difference is this indicator can be customized to track different moving averages and keep track of either long or short term trends. It displays momentum direction too.
The parameters needed are two mandatory and three optional.
1. Fast MA Length. The length of the fast Moving Average
2. Slow MA Length. The length of the slow Moving Average (SlowMA > FastMA)
3. Signal Length. This is used to display the momentum.
4. Display Signal. Optionally the signal to determine momentum can be displayed as well.
5. Reverse view.
The default parameters are 34-89, but the values depend on which MA pairs you want to study, like 8-21, 21-55, 55-89, 55-144.
How to trade with the MTS indicator
1. Go long when the indicator is green
2. Go short when the indicator is red
3. If MTS is >0 and green : Long position
4. If MTS > 0 and red : entry/exit points. Take profits or scale up
5. If MTS < 0 and red : Short position
6. If MTS < 0 and green : entry/exit points. Take profits or scale up
Momentum Bar:
Lime = an uptrend in progress
Green = Still in uptrend but this signals a weakening trend or a possible reversal
Red = a downtrend in progress
Maroon = Still in downtrend but this signals a weakening trend or a possible reversal
The parameters needed are two mandatory and three optional.
1. Fast MA Length. The length of the fast Moving Average
2. Slow MA Length. The length of the slow Moving Average (SlowMA > FastMA)
3. Signal Length. This is used to display the momentum.
4. Display Signal. Optionally the signal to determine momentum can be displayed as well.
5. Reverse view.
The default parameters are 34-89, but the values depend on which MA pairs you want to study, like 8-21, 21-55, 55-89, 55-144.
How to trade with the MTS indicator
1. Go long when the indicator is green
2. Go short when the indicator is red
3. If MTS is >0 and green : Long position
4. If MTS > 0 and red : entry/exit points. Take profits or scale up
5. If MTS < 0 and red : Short position
6. If MTS < 0 and green : entry/exit points. Take profits or scale up
Momentum Bar:
Lime = an uptrend in progress
Green = Still in uptrend but this signals a weakening trend or a possible reversal
Red = a downtrend in progress
Maroon = Still in downtrend but this signals a weakening trend or a possible reversal
Script de código aberto
No verdadeiro espírito do TradingView, o autor desse script o publicou como código aberto, para que os traders possam compreendê-lo e analisá-lo. Parabéns ao autor! Você pode usá-lo gratuitamente, mas a reutilização desse código em publicações é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.
Quer usar esse script no gráfico?
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.