It is composed with 2 lines made of Close price values forming a “cloud”.
If the trend is and the price breach the lower level of the green
cloud, a new is taking place.
If the current trend is and the price breakout the upper band of
the cloud, a new is forming.
This is a “price action” indicator, signals may be filtered by long term trend
analysis with other indicators such as Supertrend for instance.
- For purpose educate only
- This script to change bars colors.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
USDT (TRC20): TH29EEXa19vfwZNYvxdUuMxoFY5QDYLcWG