This script shows the "trending" state of a symbol at a certain moment in time on a certain set of timeframes. A trending symbol is a symbol that is moving out of a current balanced state to search for a new accepted price level. The detection of the state is done by looking at the place where the current price is related to 2 bollinger bands.
Depending on the place where the price is, the symbol is ...
a) ... not trending. It is chopping around. (Color Gray)
b) ... trending. The trend shows a certain strength. (Color Green for uptrend, Color Red for downtrend)
c) ... trending and arriving at (a temporary) peak and can possibly revert. Good for profit taking, or entering counter-trend. (Color Yellow for uptrend, Color Orange for downtrend)
By moving over the current main chart, you can see in the data window at the right, what was the state on a certain date for all timeframes together. All states are color-coded. By checking the bubble help in input, a textual explanation of the actual colored states (1 per timeframe) is displayed on top of the history and is updated at every change. To read well the bubble help, the control has to be set on full-screen temporarily.
The script is dynamic in 2 dimensions.
a) When you select a certain timeframe, all lower timeframes will not be displayed. Only the higher supported timeframes are included.
b) In input, you can specifiy a subset of timeframes you want to follow by checking or unchecking the appropriate timeframes.
The combination of the 2 selections gives you the ultimate list of timeframes shown.
You can infuence the detection by selecting in input another set of bollinger bands, characterized by the number of standard deviations and the length of the mean needed for the calculation of the bollinger bands .
How to read the indictor ?
A horizontal line gives you the history of the "trending state" on 1 timeframe over all bars accessible.
A vertical column gives you the "trending state" on all timeframes at a certain bar.
The last vertical column gives you the most recent "trending state" on all timeframes.
Depending on the place where the price is, the symbol is ...
a) ... not trending. It is chopping around. (Color Gray)
b) ... trending. The trend shows a certain strength. (Color Green for uptrend, Color Red for downtrend)
c) ... trending and arriving at (a temporary) peak and can possibly revert. Good for profit taking, or entering counter-trend. (Color Yellow for uptrend, Color Orange for downtrend)
By moving over the current main chart, you can see in the data window at the right, what was the state on a certain date for all timeframes together. All states are color-coded. By checking the bubble help in input, a textual explanation of the actual colored states (1 per timeframe) is displayed on top of the history and is updated at every change. To read well the bubble help, the control has to be set on full-screen temporarily.
The script is dynamic in 2 dimensions.
a) When you select a certain timeframe, all lower timeframes will not be displayed. Only the higher supported timeframes are included.
b) In input, you can specifiy a subset of timeframes you want to follow by checking or unchecking the appropriate timeframes.
The combination of the 2 selections gives you the ultimate list of timeframes shown.
You can infuence the detection by selecting in input another set of bollinger bands, characterized by the number of standard deviations and the length of the mean needed for the calculation of the bollinger bands .
How to read the indictor ?
A horizontal line gives you the history of the "trending state" on 1 timeframe over all bars accessible.
A vertical column gives you the "trending state" on all timeframes at a certain bar.
The last vertical column gives you the most recent "trending state" on all timeframes.