Overview TrendFriend (TF) combines various technical analysis components, including trend calculations, moving averages, RSI signals, and Fair Value Gaps (FVG) detection to determine trend reversal and continuation points. The FVG feature identifies potential consolidation periods and displays mitigation levels.
Features Trend Analysis: Utilizes short and long-term Running Moving Averages (RMA) to identify trends. Average True Range (ATR): Plots ATR to depict market volatility. RSI Signals: Calculates RSI and provides buy/sell signals based on RSI conditions. Fair Value Gaps (FVG): Detects FVG patterns and offers options for customization, including dynamic FVG, mitigation levels, and auto threshold.
Usage Buy Signals: Generated based on pullback conditions, contra-buy signals, and crossovers of specified moving averages. Sell Signals: Generated based on pullback conditions, contra-sell signals, and crossunders of specified moving averages. Visualization: FVG areas are visually represented on the chart, and unmitigated levels can be displayed.
Configuration Adjustable parameters for trend periods, ATR length, RSI settings, FVG threshold, and display preferences. Dynamic FVG detection and mitigation level visualization can be enabled/disabled.
Usage Example Trend Analysis: Identify trends with short and long-term moving averages. RSI Signals: Interpret RSI signals for potential reversals. FVG Detection: Visualize Fair Value Gaps and mitigation levels on the chart. Buy/Sell Signals: Receive alerts for buy/sell signals based on specified conditions. Disclaimer This Pine Script code is subject to the terms of the Mozilla Public License 2.0. Use this code at your own risk, and always conduct additional analysis before making trading decisions.
Author Author: devoperator84 License: Mozilla Public License 2.0
Can you explain this indicator? What are the blue and red background stripes signaling? What are the yellow background colors? What are the line breaks for "in bull fvg?" I never see them. What are the bottom "plots background" in the styles tab? I never see them. What is the point of plotting the ATR? It's useless as an overlay indicator unless you're just using the number. Plotting the line does nothing except ruin teh chart, unless the trader "scales chart to price only," in which case the ATR is hidden.
So, I'm assuming red and blue backgrounds are short and long signals. No idea what yellow means because nothing is explained. What are these signals derived from? You state things like RSI and ATR but don't explain how they work in combination with the moving averages or each other.
I understand ICT, so I get FVGs, and obviously I know how to use an MA, but....
Why are there two ATR periods and how is that combination used in the indicator. Why are there FOUR RSI periods? How do they interact to provide signals or whatever they do? What is a "base length?" What is the meaning of wick percent?
This indictor looks promising but I have absolutely no idea what changing certain things will do because there is no explanation, and thus I really have no understanding of how to use it.
devoperator84
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@ClassicScott, thank you for your comment. it is fair criticism and I should do another pass to make things more user-friendly. I like to tinker in pinescript, sometimes without any specific goal except to see what I can make the chart data reveal if I bend, twist, and manipulate it. This is a product of one of those experiments. Generally the red backgrounds on bars means its a sell opportunity and blue means a buy opportunity. The FVG are provided for confluence. False signals also happen, as with any other indicator.
So, I'm assuming red and blue backgrounds are short and long signals. No idea what yellow means because nothing is explained. What are these signals derived from? You state things like RSI and ATR but don't explain how they work in combination with the moving averages or each other.
I understand ICT, so I get FVGs, and obviously I know how to use an MA, but....
Why are there two ATR periods and how is that combination used in the indicator.
Why are there FOUR RSI periods? How do they interact to provide signals or whatever they do? What is a "base length?" What is the meaning of wick percent?
This indictor looks promising but I have absolutely no idea what changing certain things will do because there is no explanation, and thus I really have no understanding of how to use it.