OPEN-SOURCE SCRIPT
Advanced GET: Tom Joseph's XTL, DMA Cloud & Breakout Signals
The Expert Trend Locator ( XTL ) was developed by Tom Joseph to identify major trends, similar to elliott wave 3 type swings.
Blue bars are bullish and indicate a potential upwards impulse.
Red bars are bearish and indicate a potential downwards impulse.
White bars indicate no trend is detected at the moment.
Added to the indicator is the recommended use to enter a position, as explained by Tom Joseph in his book Applying Technical Analysis:
Once a blue or red bar appears, the indicator signals an entry level, a stop loss level and two target levels (2nd is optional).
The levels can be shown until a new signal emerges or just above/below the breakout bar.
Finally, a cloud formed by two displaced moving averages (DMA) is included, which allow the trend to continue its momentum. During an uptrend the lower moving average could serve as a trailing stop, and during a downtrend the upper moving average could serve as the trailing stop.
Enjoy!
Blue bars are bullish and indicate a potential upwards impulse.
Red bars are bearish and indicate a potential downwards impulse.
White bars indicate no trend is detected at the moment.
Added to the indicator is the recommended use to enter a position, as explained by Tom Joseph in his book Applying Technical Analysis:
Once a blue or red bar appears, the indicator signals an entry level, a stop loss level and two target levels (2nd is optional).
The levels can be shown until a new signal emerges or just above/below the breakout bar.
Finally, a cloud formed by two displaced moving averages (DMA) is included, which allow the trend to continue its momentum. During an uptrend the lower moving average could serve as a trailing stop, and during a downtrend the upper moving average could serve as the trailing stop.
Enjoy!
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?
@FractalTrade_
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.