OPEN-SOURCE SCRIPT
Market Trend
Market Trend by Trading Ninjaa
Description:
The "Market Trend" indicator is designed to provide traders with a clear visual representation of the prevailing market direction. By utilizing a higher timeframe moving average, this tool offers insights into the broader market trend. The indicator identifies:
Uptrends: When the price is above the higher timeframe moving average, the background is shaded green.
Downtrends: When the price is below the higher timeframe moving average, the background is shaded red.
Sideways Markets: Recognized by decreased volatility, these periods are shaded in gray.
Usage:
Green Background: Indicates bullish market conditions. Traders might consider long entries or avoiding short trades.
Red Background: Suggests bearish market conditions. Might be used as a signal to consider short entries or avoid long positions.
Gray Background: Highlights potential sideways or consolidating market conditions. Traders might exercise caution, considering range-bound strategies.
Tips:
This indicator is best used in conjunction with other technical tools for confirmation. Always backtest any new strategy involving this indicator before considering it for live trading.
Description:
The "Market Trend" indicator is designed to provide traders with a clear visual representation of the prevailing market direction. By utilizing a higher timeframe moving average, this tool offers insights into the broader market trend. The indicator identifies:
Uptrends: When the price is above the higher timeframe moving average, the background is shaded green.
Downtrends: When the price is below the higher timeframe moving average, the background is shaded red.
Sideways Markets: Recognized by decreased volatility, these periods are shaded in gray.
Usage:
Green Background: Indicates bullish market conditions. Traders might consider long entries or avoiding short trades.
Red Background: Suggests bearish market conditions. Might be used as a signal to consider short entries or avoid long positions.
Gray Background: Highlights potential sideways or consolidating market conditions. Traders might exercise caution, considering range-bound strategies.
Tips:
This indicator is best used in conjunction with other technical tools for confirmation. Always backtest any new strategy involving this indicator before considering it for live trading.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.