TRIX is an oscilator which is calculated from close price by exponentially smoothing it three times. When it crosses zero and goes up, it tells that the trend is upwards and vise versa. Some traders use 2 TRIX lines with different periods to enter the deal when they cross each other. On tradingview there was no such option to use 2 TRIX on chart and niether the option to choose the source of calculation. DOUBLE TRIX lets you use 2 TRIX lines and choose the source. By default the configuration is 18-9, source ohlc4.
How to use: 1. You can use it in combination with TRSI (my other script which contains the code of TRIX) to filter the entry point, i.e. to open the position when both indicators show the same direction. Look at the chart for an example.
2. You can also use 4-14 for small timeframes for scalping.
Use it carefully and in combination wiht other indicators.
Will be glad to see your feedback.
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Most traders look for divergences to open their positions and histogram is a good tool to find them. In this update DOBLE TRIX has a histogram like of MACD. Now it is easier to find divergences. Moreover the histogram gives better visual understanding of price movement.