One of the most accurate trend following indicator I have used till now. You yourself can test it by using on multiple charts and time frame. However, I have found it more accurate on intraday charts, may be 5 min & 15 min TF.
> High Prediction rates
> Non repainting
> Can be used on MTF
> Give stoploss levels
> Just like any other trend following indicator, and spikes are enemy of this indicator
How to Use
When Price closes above the tunnel & background is Lime
Stoploss: Just below lower line of the tunnel
Short: When price closes below the tunnel & background is yellow
Stoploss: Just above upper line of the tunnel
No trades: When background doesn't have any colors
Reentry: if Price moves back to long and short rules
All the best
© JP Goswami
Long and Short Arrows
Hi Guys! This is me again !
After using this script for nearly 2 months, I have made few improvements for accuracy. Please remember, this script only gives you entry and stoploss. For consistent winning, you need to trail your stops as per your comfort and adhere to a strict money management policy ( Profit booking, Targets etc)
The basic script remains same, but made it more visual and easier to understand:
1. Long Entry
When white bars closes above the upper line of the super tunnel. Stop loss just below the lower line of the tunnel
2. Short Entry
When orange bars close below the lower line of the super tunnel. Stop loss just above the upper line of the tunnel
Back Ground and Tunnel colors
They are just to give an idea of ongoing trend. Normally long positions shall be more accurate when bachground is green and tunnel is blue and vice versa.
All suggestions are welcome.