Trend Strength Signals Multi timeframe array

שלשום

An experimental script used for contrarian purposes. When indicator shows Long TP market is expected to trend upwards and bulls start taking their profits, overall signaling bullish conditions but also overbought market. Likewise when Short TP pops up, market is expected to trend downwards and bears start taking their profits, overall signaling bearish conditions but with also oversold market.
Ideally we wish to enter on a trending market after a pullback, therefore a possible use of this script could be to detect trending conditions on a higher timeframe then wait for a counter conditions on a lower timeframe and when the two timeframes align again look for possible entry in the direction of main timeframe e.g. assume we have bullish conditions on the 1h timeframe, with bulls starting to take their profits. At some point we will have a deeper pullback and so we expect that bears on the lower timeframe i.e 15m will start taking their profits. Once we start having bulls again on the lower timeframe taking profits we may consider that we are back in the main trend of the 1h chart and start looking for a bullish entry.
The script is purely experimental, does not constitute financial advice and further testing is required! I strongly encourage people to feel free and play around, tweak and improve the script.

Good luck!