OPEN-SOURCE SCRIPT
EZ Trend
EZ Trend creates a signal when the current open price is equal to, or within a set range of, the last close price AND current candle is the opposite color of last candle. This indicator is based on my observation that when O[0] = C[1] AND the last candle's color is opposite of the current candle, the NEXT candle seems to follow the color of the current candle and a change in trend tends to follow.
This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O[0] = C[1]. Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC) and larger time frames tend to yield fewer false signals.
Signal precision (the absolute value of the difference between O[0] and C[1] ) can be adjusted in 0.00000001 increments.
This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O[0] = C[1]. Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC) and larger time frames tend to yield fewer false signals.
Signal precision (the absolute value of the difference between O[0] and C[1] ) can be adjusted in 0.00000001 increments.
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