OPEN-SOURCE SCRIPT
Trend Bar Dow Theory V-1.0
The indicator is designed to signal the presence of a trend bar with reduced profit-taking the following day. Below, I explain the logic that I have defined for this first version.
The guidelines I provided are as follows: We identify a trend bar, if it sets a market change, between opening and closing, equal to or greater than 50 pips. This first guideline is used to find a day with good liquidity, which usually leads to a trend bar.
If the first guideline is met, the indicator should change the bar color to white. This way, we can proceed to the second guideline, to detect the presence of reduced profit-taking.
The second guideline should indicate the presence of reduced profit-taking, as explained by Dow Theory, to find a trend context with potential to exploit. Therefore, the second guideline involves coloring the bars near the trend bars in grey, if they have a range equal to or less than 30 pips.
Dow Theory states that a market in trend measures reduced profit-taking, within 33%, up to a maximum of 50% compared to the previous trend bar, but I have not yet been able to make Pine Script calculate the percentage value. If you have any suggestions, I would be grateful.
The guidelines I provided are as follows: We identify a trend bar, if it sets a market change, between opening and closing, equal to or greater than 50 pips. This first guideline is used to find a day with good liquidity, which usually leads to a trend bar.
If the first guideline is met, the indicator should change the bar color to white. This way, we can proceed to the second guideline, to detect the presence of reduced profit-taking.
The second guideline should indicate the presence of reduced profit-taking, as explained by Dow Theory, to find a trend context with potential to exploit. Therefore, the second guideline involves coloring the bars near the trend bars in grey, if they have a range equal to or less than 30 pips.
Dow Theory states that a market in trend measures reduced profit-taking, within 33%, up to a maximum of 50% compared to the previous trend bar, but I have not yet been able to make Pine Script calculate the percentage value. If you have any suggestions, I would be grateful.
开源脚本
本着真正的TradingView精神，此脚本的作者已将其开源，以便交易者可以理解和验证它。向作者致敬！您可以免费使用它，但在出版物中重复使用此代码受网站规则约束。 您可以收藏它以在图表上使用。
想在图表上使用此脚本？
Scarica l'eBook in PDF "Trend Following" per studiare la basi del Business e per Scoprire la Community, Clicca Quì: trendfollowingtraders.com/blog/
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。