Ehlers Instantaneous Trend [LazyBear]

One more to add to the Ehlers collection.

Ehlers Instantaneous Trendline, by John Ehlers, identifies the market trend by doing removing cycle component. I think, this simplicity is what makes it attractive :) To understand Ehlers's thought process behind this, refer to the PDF linked below.

There are atleast 6 variations of this ITrend. This version is from his early presentations.

Is this better than a simple HMA? May be, May be not. I will leave it to you to decide :)

I have added options to show this as a ribbon, and to color bars based on ITrend. Check out the options page.

More info:
- ITrend: mesasoftware.com/seminars/AfTAMay2003.pdf

List of my public indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970