This is a customized trend filter that has several uses:
It helps identify trend direction, either bullish or bearish
It distinguishes between a pullback and a trend reversal
It helps identify areas where traders should stand aside
It highlights areas of consolidation
This is a customized trend filter that has several uses:
It helps identify trend direction, either bullish or bearish
It distinguishes between a pullback and a trend reversal
It helps identify areas where traders should stand aside
It highlights areas of consolidation
This indicator in designed to be used with Renko and other price only bars (ie Kagi, LineBreak, Point&Figure) and shows the number of minutes a bar was open before it was confirmed and printed.
NOTE: It will only work on currencies and symbols that are in the 24/5 market, it does account for weekend market close time but does not account for any Forex market...
Good afternoon traders.
Have you ever got trapped on the middle of a consolidation? Well, it just happened to me trading the 1 minute chart last friday!
So, I coded this script to display a percentage of ATR for a given resolution.
Now, how can you benefit using this information?
For example:
Using the standard settings (resolution is calibrated 15 minutes...
See the current trend strength of the market. An additional filter makes trend consolidation areas visible. The color changes there each bar back and forth between green and red.
This area was interesting. Would have been a better example:
If the filter is deactivated the indicator shows the last measured price trend (green for up and down for red).
