This indicator is designed to assist traders by analyzing market trends and identifying potential buy or sell signals. Here's how it works:
Trendlines Detection: The indicator identifies significant price points called swing highs and swing lows. These points are used to plot upper and lower trendlines that visually represent the market's trend direction.
Slope Calculation: The slope of the trendlines is determined using one of three methods selected by the user:
ATR (Average True Range) for volatility-based slope calculation Standard Deviation (Stdev) for measuring price dispersion Linear Regression (Linreg) for statistical trend analysis Moving Averages (EMAs): The indicator includes three EMAs (Exponential Moving Averages) with periods of 9, 21, and 99. These EMAs help visualize the short-term, medium-term, and long-term price trends.
Breakout Detection: When the price breaks above the upper trendline, a green "B" (Buy) signal appears, indicating a potential upward trend. Conversely, when the price breaks below the lower trendline, a red "S" (Sell) signal is displayed, suggesting a potential downward trend.
Extended Lines and Alerts: The trendlines can be extended for better visualization, and alerts are triggered when breakouts occur, enabling traders to react promptly.
By combining trendline analysis with moving averages and breakout signals, this indicator offers a comprehensive tool for identifying trading opportunities in the market
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 publications is governed by House rules. Você pode favoritá-lo para usá-lo em um gráfico.
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