OPEN-SOURCE SCRIPT

TNT

1 227
This script just changes the background of the chart to show Trending(Green) / Range Bound(Red) Regions.

The concept is very simple, al each candle we look at the size of the candle and use a moving average of these candle body size (ABS (close-open)) and compare it agains a double smoothened average, i.e. moving average of this average to find trending or not trending periods.

I find it useful primarily for entry in options, a green background is more favourable for option buying and a red background is more favourable for option selling.

This script tells you nothing about the direction of trade.

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.