jiehonglim

Trend Follower - Light Mode | jh

Follow up script for my Trend Follower script.

I'm used to dark mode, so I coded a few key plots in white, so those are changed into black on the script.

Notably:
- > 1 ATR in black dots along the baseline
- Current and previous ATR text labels to the right of the price
- A text label spacing input that allows you to adjust the spacing for text label from price.

This is a trend following system that combines 3 indicators which provide different functionalities, also a concept conceived by VP's No Nonsense FX / NNFX method.


1. Baseline
The main baseline filter is an indicator called Modular Filter created by Alex Grover
- https://www.tradingview.com/u/alexgrover/
- Alex Grover - Modular Filter
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That's the moving average like baseline following price, filtering long and short trends and providing entry signals when the price crosses the baseline.
Entry signal indicated with arrows.

2. Volume/Volatility, I will called it Trend Strength
The next indicator is commonly known as ASH, Absolute Strength Histogram.
This indicator was shared by VP as a two line cross trend confirmation indicator, however I discovered an interesting property when I modified the calculation of the histogram.
- Alex Grover Absolute Strength
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My modification and other info here
- Absolute Strength Histogram v2
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I simplified the display of the trend strength by plotting squares at the bottom of the chart.
- Lighted Squares shows strength
- Dimmed Squares shows weakness

3. Second Confirmation / Exits / Trailing Stop
Finally the last indicator is my usage of QQE (Qualitative Quantitative Estimation), demonstrated in my QQE Trailing Line Indicator
- QQE Trailing Line for Trailing Stop
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Three usages of this amazing indicator, serving as :
- Second trend confirmation
- Exit signal when price crosses the trailing line
- Trailing stop when you scaled out the second trade
This indicator is plotted with crosses.


Additional plots and information
Bar Color
- Green for longs, Red for shorts, White when the baseline direction conflicts with the QQE trailing line direction
- When it's white, it's usually ranging and not trending, ASH will also keep you off ranging periods.
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ATR Filter
- White circles along the baseline, they will show up if the price has moved more than one ATR from the baseline
- The default allowance is 1 ATR.
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The previous and current ATR value
- Label on the right side of the chart showing the previous and current value of ATR

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Tip Jar :)

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