INVITE-ONLY SCRIPT
Updated Trend Buddy
One of the indicators in the "Trend Buddy" suite.
This indicator plots the two moving lines overlayed on price. Note that this indicator is most helpful when used with the "Trend Strength Buddy".
The lines can be useful to detect emerging or weakening trends, and will color the candles green when an uptrend is in effect, and red with a downtrend is in effect. Mind that there is no "sideways trend" detection.
This trend-detector is noisier than the Trend Strength Buddy, so it is recommended to use the TSB candle-coloring algorithm in the place of the Trend Buddy's candle-coloring algorithm.
The lines plotted on price can be monitored for several signals, including
When used in conjunction with the Trend Strength Buddy, the cross-overs can be the first sign of a weakening trend, and depending on market conditions may be a good spot to tighten stops or take profit.
This indicator plots the two moving lines overlayed on price. Note that this indicator is most helpful when used with the "Trend Strength Buddy".
The lines can be useful to detect emerging or weakening trends, and will color the candles green when an uptrend is in effect, and red with a downtrend is in effect. Mind that there is no "sideways trend" detection.
This trend-detector is noisier than the Trend Strength Buddy, so it is recommended to use the TSB candle-coloring algorithm in the place of the Trend Buddy's candle-coloring algorithm.
The lines plotted on price can be monitored for several signals, including
- cross-overs: the direction of trend may be reversing
- spreading: the established trend is gaining strength
- compressing: the established trend is losing strength
- touching price: in very strong trends, sometimes price will bounce off the lines and continue, providing a decent entry
When used in conjunction with the Trend Strength Buddy, the cross-overs can be the first sign of a weakening trend, and depending on market conditions may be a good spot to tighten stops or take profit.
Release Notes
Modified "color candles" option to default to false, as the Trend Strength Buddy's indicator is more reliable.Release Notes
Update pictureRelease Notes
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