[blackcat] L2 Aroon13

25 Şub 2023

Level 2
Background

The Aroon indicator developed by Tushar Chanand indicates whether there is a trend price or is located in a trading area.

Function

Classical Aroon can also show the beginning of a new trend, its strength and expectation of changes from trade areas to trends. This is a traditional aroon indicator with length == 13, which exhibit good performance.

Remarks
Feedbacks are appreciated.

22 Nis

Sürüm Notları

OVERVIEW
The [blackcat] L2 Aroon13 indicator helps traders identify trends by measuring the time elapsed since the highest highs and lowest lows within a specified period. This script calculates Aroon Up and Aroon Down values to provide insights into potential trend reversals and momentum shifts 📉↗️.

FEATURES

Calculates Aroon Up and Aroon Down based on the highest highs and lowest lows over the past 13 periods:
Aroon Up: Measures the strength of upward trends.
Aroon Down: Measures the strength of downward trends.
Plots Aroon Up in yellow and Aroon Down in fuchsia for clear visualization 🎯
Displays buy ('BUY') and sell ('SELL') labels on the chart when conditions are met 🏷️
Generates alerts for buy and sell signals based on crossover events between Aroon Up and Aroon Down 🔔
HOW TO USE

Add the indicator to your TradingView chart by selecting it from the indicators list.
Observe the plotted lines for Aroon Up and Aroon Down to gauge market momentum.
Monitor the chart for buy and sell labels indicating potential trade opportunities.
Set up alerts based on the generated signals to receive notifications when conditions are met 📲.
Use the crossover points as confirmation for entering or exiting trades.
LIMITATIONS

The indicator may generate false signals in highly volatile or ranging markets 🌪️.
Users should combine this indicator with other forms of analysis for more reliable trading decisions.
The effectiveness of the indicator may vary depending on the asset and timeframe being analyzed.
NOTES

Ensure that you have sufficient historical data available for accurate calculations.
Test the indicator thoroughly on demo accounts before applying it to live trading 🔍.
Customize the appearance and parameters as needed to fit your trading strategy.