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Trend Strength | Flux Charts

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💎GENERAL OVERVIEW
Introducing the new Trend Strength indicator! Latest trends and their strengths play an important role for traders. This indicator aims to make trend and strength detection much easier by coloring candlesticks based on the current strength of trend. More info about the process in the "How Does It Work" section.

Features of the new Trend Strength Indicator :

3 Trend Detection Algorithms Combined (RSI, Supertrend & EMA Cross)
Fully Customizable Algorithm
Strength Labels
Customizable Colors For Bullish, Neutral & Bearish Trends

📌HOW DOES IT WORK ?
This indicator uses three different methods of trend detection and combines them all into one value. First, the RSI is calculated. The RSI outputs a value between 0 & 100, which this indicator maps into -100 <-> 100. Let this value be named RSI. Then, the Supertrend is calculated. Let SPR be -1 if the calculated Supertrend is bearish, and 1 if it's bullish. After that, latest EMA Cross is calculated. This is done by checking the distance between the two EMA's adjusted by the user. Let EMADiff = EMA1 - EMA2. Then EMADiff is mapped from -ATR * 2 <-> ATR * 2 to -100 <-> 100.

Then a Total Strength (TS) is calculated by given formula : RSI * 0.5 + SPR * 0.2 + EMADiff * 0.3
The TS value is between -100 <-> 100, -100 being fully bearish, 0 being true neutral and 100 being fully bullish.

Then the Total Strength is converted into a color adjusted by the user. The candlesticks in the chart will be presented with the calculated color.

If the Labels setting is enabled, each time the trend changes direction a label will appear indicating the new direction. The latest candlestick will always show the current trend with a label.

EMA = Exponential Moving Average
RSI = Relative Strength Index
ATR = Average True Range

🚩UNIQUENESS
The main point that differentiates this indicator from others is it's simplicity and customization options. The indicator interprets trend and strength detection in it's own way, combining 3 different well-known trend detection methods: RSI, Supertrend & EMA Cross into one simple method. The algorithm is fully customizable and all styling options are adjustable for the user's liking.

⚙️SETTINGS

1. General Configuration

Detection Length -> This setting determines the amount of candlesticks the indicator will look for trend detection. Higher settings may help the indicator find longer trends, while lower settings will help with finding smaller trends.

Smoothing -> Higher settings will result in longer periods of time required for trend to change direction from bullish to bearish and vice versa.

EMA Lengths -> You can enter two EMA Lengths here, the second one must be longer than the first one. When the shorter one crosses under the longer one, this will be a bearish sign, and if it crosses above it will be a bullish sign for the indicator.

Labels -> Enables / Disables trend strength labels.