This indicator will help you following price movements in trending or ranging markets. Within it's calculations it uses ATR, EMA with a smoothing effect. It includes a buffer zone to help determine where price may turn around and reverse or to identify when a breakout occurs by breaking through the ATR trail. You can customize and play around with several settings to adjust it for your asset. Adjustments that can be made besides visuals are ATR Length, ATR Multiplier, EMA Length, Smoothing Length and the Buffer Multiplier.
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Multi-timeframe added. Also you can now choose between EMA, SMA, RMA, HMA, DEMA and TMA for the main plot. When first created only the EMA was used, so you might have to change some of the other settings when choosing your desired Moving average.
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Added a current "ADX" label level reading. It will update with each new bar that is produced. (So be careful on higher timeframes) 50 and above is Blue = "Really strong trend" 50 - 25 is Purple = "Strong trend" 25 - 20 is Gray = "Neutral" Keep an eye out. 20 and Below is Red =" Weak or no trend" Note: Please remember the ADX does not keep trend direction in mind, you can have a high reading of 50 and price is decreasing. Meaning its a strong trend to the downside. You can switch the ADX label On/Off.
@Bern0908, I can't find the MTF option, should it be in the settings?
Bern0908
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@Salamandras, yes my apologies. I had it in there but once I added the ADX label it conflicted with mulit-timeframe. I have the code completed without the ADX and the multi-frame added if you'd like. I do have updated version coming soon.