This script uses the "trending" state of a symbol at a certain moment in time on a certain set of timeframes. A trending symbol is a symbol that is moving out of a current balanced state to search for a new accepted price level. The detection of the state is done by looking at the place where the current price is related to 2 bollinger bands .
Depending on the place where the price is, the symbol is ...
a) ... not trending. It is chopping around.
b) ... trending. The trend shows a certain strength.
c) ... trending and arriving at (a temporary) peak and can possibly revert. Good for profit taking, or entering counter-trend.
By moving over the current main chart, you can see in the data window at the right, what was the sum of timeframes "trending up" (Positif Sum) and the set of timeframes "trending down" (Negatif Sum). The sum of both gives the "net position".
The script is dynamic in 2 dimensions.
a) When you select a certain timeframe, all lower timeframes will not be displayed. Only the higher supported timeframes are included.
b) In input, you can specifiy a subset of timeframes you want to follow by checking or unchecking the appropriate timeframes.
The combination of the 2 selections gives you the ultimate list of timeframes included in the summation.
You can infuence the summation by selecting in input another set of bollinger bands , characterized by the number of standard deviations and the length of the mean needed for the calculation of the bollinger bands .
How to read the indictor ?
The sum of timeframes "Trending Up" is shown as green columns above the zero line.
The sum of timeframes "Trending Down" is shown as red columns under the zero line.
The net position, the sum of the 2 sums mentioned above, is displayed as a yellow line.
Alerts ?
The 3 sums can be used to define alerts.
Depending on the place where the price is, the symbol is ...
a) ... not trending. It is chopping around.
b) ... trending. The trend shows a certain strength.
c) ... trending and arriving at (a temporary) peak and can possibly revert. Good for profit taking, or entering counter-trend.
By moving over the current main chart, you can see in the data window at the right, what was the sum of timeframes "trending up" (Positif Sum) and the set of timeframes "trending down" (Negatif Sum). The sum of both gives the "net position".
The script is dynamic in 2 dimensions.
a) When you select a certain timeframe, all lower timeframes will not be displayed. Only the higher supported timeframes are included.
b) In input, you can specifiy a subset of timeframes you want to follow by checking or unchecking the appropriate timeframes.
The combination of the 2 selections gives you the ultimate list of timeframes included in the summation.
You can infuence the summation by selecting in input another set of bollinger bands , characterized by the number of standard deviations and the length of the mean needed for the calculation of the bollinger bands .
How to read the indictor ?
The sum of timeframes "Trending Up" is shown as green columns above the zero line.
The sum of timeframes "Trending Down" is shown as red columns under the zero line.
The net position, the sum of the 2 sums mentioned above, is displayed as a yellow line.
Alerts ?
The 3 sums can be used to define alerts.