[TTI] Jon Tr3ndy Bands

📜 ––––HISTORY & CREDITS––––
The Jon Tr3ndy Bands script inspired by Jon MCKEEVER also known as Tr3ndy Jon or Jon the Trend. It is designed to provide traders with a visual representation of the market's trend using a combination of Exponential Moving Averages (EMAs) and custom coloring schemes. The color schemes are determined by calculations performed by the script.


🦄WHAT MAKES IT UNIQUE
Tr3ndy Bands is a culmination of intricate mathematical techniques and trading insights:

• Advanced EMA Calculations: While many scripts utilize EMAs as basic trend-following indicators, the Tr3ndy Bands script harnesses them differently. Our EMAs undergo a multi-factor adjustment based on recent market actions compared with the highs, lows, opens, and closes of current and preceding bars. This adds a layer of precision not commonly found in other tools.
  
• Trendy Mode's Statistical Backbone: The "Trendy Mode" isn't just a color changer. It's a feature rooted in conditional probability calculations. Depending on the market's prevailing conditions and historical data, the script computes the likelihood of a trend continuation or reversal, visually representing this probability through distinct color gradations.
  
• Cloud Feature's Mathematical Depth: The cloud, visualizing the gap between two EMAs, isn't merely a shaded region. It's a dynamic representation of volatility and based on our trading experience a price equilibrium, calculated using methods that draw from concepts in statistical dispersion and mean reversion.
  

🎯 ––––WHAT IT DOES––––
⭐️The Tr3ndy Bands script plots multiple EMAs on the chart, including Superfast, Fast, Slow, and Tr3nd EMAs. These EMAs are input in the settings of the indicator. Based on the EMAs provided the script performs various comparative calculations (comparing the recent action with the highs, lows, open and closes of the current bar) to determine bullish or bearish conditions and buy and sell signals. These EMAs serve as a probable dynamic support and resistance levels, helping traders identify potential trend reversals and continuation patterns.

⭐️Another unique thing is that the script offers a "Trendy Mode" that changes the coloring of the EMAs based on the prevailing calculated market trend.

⭐️Additionally, the script provides visual buy and sell signals using arrows, to suggest potential entry and exit points based on the calculations of the script.

⭐️The Tr3ndy Bands also offer the ability to color bars based on the trend direction, which could give a quick visual reference of the trend.

⭐️The cloud feature visually represents the area between two EMAs, giving traders a clearer picture of the market's momentum.

⭐️Alerts: The script provides alerts for bullish and bearish candle formations, notifying traders of potential trading opportunities.

🛠️ ––––HOW TO USE IT––––
👉Trendy Mode: Switch this on to tap into the script's probability-based trend prediction system. Colors shift based on complex calculations that gauge market sentiment and momentum, offering users a more probabilistic view of potential trend directions.
👉EMA Lengths: Adjust the lengths of the Superfast, Fast, Slow, and Tr3nd EMAs as per your preference. Each EMA, from Superfast to Tr3nd, has been optimized using time-series analysis and spectral density estimation.
👉Color Bars: Enable this to change the coloring of the bars based on the trend direction. They're statistical signals. For instance, a shift from neutral to bullish green indicates not just an uptrend, but also that the uptrend has surpassed certain statistical thresholds, making it more significant than standard color shifts in other tools.
👉Show Arrows: Turn this on to display buy and sell arrows on the chart.
👉Show Cloud: Activate this to display the cloud between two EMAs.

Interpreting EMAs: When the Superfast EMA is above the Fast and Slow EMAs, it indicates a bullish trend. Conversely, when the Superfast EMA is below the Fast and Slow EMAs, it suggests a bearish trend.

Buy and Sell Signals: Green upward-pointing arrows indicate potential buy opportunities, while red downward-pointing arrows signal potential sell opportunities.

🎨 ––––COLOR SCHEMES EXPLAINED––––

• Bull Color (Green): This color indicates bullish momentum or upward price movement. When bars, EMAs, or other elements are colored green, it suggests that the market is in a bullish phase.
  
• Bear Color (Red): This color signifies bearish momentum or downward price movement. When elements are colored red, it indicates that the market is in a bearish phase.
  
• Neutral Color (White): This color is used when the market is in a consolidation phase or when there's no clear trend direction. It acts as a neutral indicator, suggesting traders should be cautious.
  
• Superfast Color (Bright Green): Represents the Superfast EMA. When this EMA is above others, it can indicate a strong bullish momentum.
  
• Slow Color (Yellow): Represents the Slow EMA. It acts as a medium-term trend indicator. The relationship between the Superfast and Slow EMAs can provide insights into potential trend reversals or continuations.
  
• Tr3nd Color (Purple): Represents the Tr3nd EMA, which is a longer-term trend indicator. Its position relative to other EMAs can give a broader perspective on the market's direction.
  
• Tr3ndy bullish Color (Turquoise): This is a special color used in "Trendy Mode." It provides a different visual cue for bullish conditions, making it easier for traders to identify market phases when using the Trendy Mode.
  
• Cloud Coloring: The cloud is the filled area between two EMAs. Its color provides a visual representation of the market's momentum
  

EXAMPLES
EXAMPLE OF ONLY USING THE TR3NDY
https://www.tradingview.com/chart/QldzR0VY/

EXAMPLE OF COLORING THE LINES
https://www.tradingview.com/chart/QldzR0VY/

EXAMPLE OF ENABLING THE TR3NDY MODE
https://www.tradingview.com/chart/QldzR0VY/