Comet Coloring is a trend coloring tool used to provide additional confluences to trading. Using the tools together on dip entries the color shift can be used to detect a change in trend/show a weakening trend. Green for an uptrend, Red for downtrend and yellow for waning momentum.
Comet Coloring also comes with a guide line for trading, the line itself is not used in the calculation of trend but has its own trend analysis applied to determine an entry point on failures of claiming the line from either side allowing for directional plays long or short. This can be disabled in settings.
The Trend analysis comes in 2 forms, normal and smoothed, smoothed will filter some noise in sacrifice of early detections.
Aggregator is a proprietary determinent of how much data can be referenced, lowering the aggregate is better and produces more accurate results, the downside is load times.
Auto Aggregator is the primary difference by providing its own calculations very different to how previous auto calculations have worked in spacemanbtc indicators, this aggregator is a work in progress but should produce results that can be replicated accross all coins. Doing so allows for chart by chart switching and is useful for anyone who is in need of quick trend analysis.
The benefits of waning momentum, waning momentum was shown to show potential weakness in trend but also give oppurtunity to enter trend on a pull back, it can signify stagnation or minimal decrease in price allowing for a pull back entry on a strong uptrend.
Reversion weakness detection is being considered.
Highlight areas where guide line reclaim has failed
1. New Pinescript way: Leave the code to do the job, handles all alerts, just select any function call in the alert screen and all alerts will be called when the code decides too.
2. Old Way, individual alert arguments, must be enabled manually.
5 Alerts available
- Bullish Momentum
- Bearish Momentum
- Price Closes Above Guided Line (must be enabled manually not yet with the new pinescript alert method)
- Price Closes Below Guided Line (must be enabled manually not yet with the new pinescript alert method)
- MTF Compatability
- Background Coloring Option
- No Coloring Option
- Selector Aggregator applied
- Dev Plots added