OPEN-SOURCE SCRIPT
Dominant Direction (DD)
The Dominant Direction indicator is a custom technical analysis tool that uses the Dominant Cycle Estimators library to identify the dominant trend direction in the market. The indicator utilizes the MAMA Cycle function, which is a part of the library, to calculate the period of the data. The resulting period is then used to plot lines on the chart that represent the dominant trend direction.
The indicator takes two inputs, the source of data, and the high and low values of the source. The MAMA Cycle function is used to calculate the period of the data, with the lower bound and upper bound of the dynamic length defined by the user. The indicator then plots lines on the chart to represent the dominant trend direction. The lines are plotted from the current bar to the bar that is a certain number of periods away, as defined by the MAMA Cycle function, in the direction of the trend.
The indicator also has a feature of removing the lines when the trend is no longer confirmed. If the bar state is confirmed, the line is deleted and this helps the user to have a clearer view of the chart.
In summary, the Dominant Direction indicator is a powerful tool for identifying the dominant trend direction in the market. It uses the MAMA Cycle function to calculate the period of the data and plots lines on the chart to represent the dominant trend direction. This can help traders identify potential entry and exit points, and make more informed trading decisions.
The indicator takes two inputs, the source of data, and the high and low values of the source. The MAMA Cycle function is used to calculate the period of the data, with the lower bound and upper bound of the dynamic length defined by the user. The indicator then plots lines on the chart to represent the dominant trend direction. The lines are plotted from the current bar to the bar that is a certain number of periods away, as defined by the MAMA Cycle function, in the direction of the trend.
The indicator also has a feature of removing the lines when the trend is no longer confirmed. If the bar state is confirmed, the line is deleted and this helps the user to have a clearer view of the chart.
In summary, the Dominant Direction indicator is a powerful tool for identifying the dominant trend direction in the market. It uses the MAMA Cycle function to calculate the period of the data and plots lines on the chart to represent the dominant trend direction. This can help traders identify potential entry and exit points, and make more informed trading decisions.
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