Crypto trader and trading system developer Scott Phillips recently introduced a crypto trading system that specifies a set of rules for determining whether the crypto is in a trend. While the rules are not overly complex, they are complex enough that manual trend determination is somewhat laborious and prone to error. The ScalpiusTrend script is designed to automate this process. It operates is briefly summarized as follows: 1. It looks for a bar that breaks the Bollinger Band. That starts a pending trend. 2. When we find another bar with a higher high and higher close (uptrend) or lower low and lower close (downtrend), then the trend is confirmed. 3. The trend ends when the price touches the opposite Bollinger Band, or goes 20 bars without making a new low and new close.
The indicator is shown as a histogram plot below the main chart window. By default, the short black pending trend bars are off, but you can enable the Pending Bars checkbox in the indicator Settings menu to turn them on.
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Fixed slight bug that improperly handled pending candle count. It only occasionally made a small difference but it is important to adhere as lose as possible to the trend rules.
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Updated the code to (by default) allow trends in one direction to immediately switch to pending in the other direction when the price touches the opposite BB. This should be closer in spirit to what Scott Phillips intends with his Scalpius system.
I tried (to no avail) to modify this code so that it also prints a green circle under each uptrend candle, and a red circle above each downtrend candle. I wonder if that's possible?
(NOTE: In the spirit of Scott's strategy, I added this indicator to my chart twice, and forced the timeframes of one to be 30 min and the other to be 60 min. This way, I can immediately see trends for both, even when I'm viewing a 15-minute chart.)
augerpro
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Thank you for this!
Morelucid
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@augerpro, I’m confused on this how do you use it specifically
augerpro
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@Morelucid, It's part of a trading system by Scott Phillips.
This is so great of you to do. MUCH appreciated! Does a LONG require an UPTREND (green bars on your indicator) on both the 30m and 60m?
code247
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This is a a wonderful piece of art. I have been looking for a wonderful indicator like this to complete the puzzle of the algo I have been working on for months. Thanks mate for this wonderful indicator.
(NOTE: In the spirit of Scott's strategy, I added this indicator to my chart twice, and forced the timeframes of one to be 30 min and the other to be 60 min. This way, I can immediately see trends for both, even when I'm viewing a 15-minute chart.)