Percent Trend Change [BigBeluga]

28 ott 2024

The Percent Trend Change indicator is a trend-following tool that provides real-time percentage changes during trends based on entry prices. Using John Ehlers’ Ultimate Smoother filter, it detects trend direction, identifies uptrends and downtrends, and tracks percentage changes during the trend. Additionally, it has a channel that can be toggled on or off, and the width can be customized, adding an extra visual layer to assess trend strength and direction.

NIFTY50:

META:



🔵 IDEA

The Percent Trend Change indicator helps traders visualize the progression of a trend with percentage changes from entry points. It identifies trends and marks percentage changes during the trend, making it easier to assess the strength and sustainability of the ongoing trend.

The use of John Ehlers' Ultimate Smoother filter helps detect trend changes based on consecutive price movements over five bars, making it highly responsive to short- and medium-term trends.



🔵 KEY FEATURES & USAGE

◉ Ultimate Smoother Filter for Trend Detection:
The trend is detected using the Ultimate Smoother filter. If the smoothed line rises five times in a row, the indicator identifies an uptrend. If it falls five times in a row, it identifies a downtrend.


◉ Trend Entry with Price Labels:
The indicator marks trend entry points with up (green) and down (red) triangles. These triangles are labeled with the entry price, allowing traders to track the starting price of the trend.


◉ Percentage Change Labels During Trends:
During a trend, the indicator periodically plots percentage change labels based on the bar period set in the settings.


In an uptrend, positive changes are marked in green, while negative changes are marked in orange. In a downtrend, negative changes are marked in red, while positive changes are marked in orange.


Each plotted percentage label also includes a count of the trend points, allowing traders to track how many times the percentage labels have been plotted during the current trend.


These percentage labels help traders understand how much the price has changed since the trend began and can be used to define potential take-profit targets.


◉ Channel Toggle and Width Customization:
The indicator includes a channel that visually highlights the trend. Traders can toggle this channel on or off, and the width of the channel can be adjusted to match individual preferences. The channel helps visualize the overall trend direction and the range within which price fluctuations occur.


🔵 CUSTOMIZATION

• Smoother Length: Adjusts the length of the Ultimate Smoother filter, affecting how responsive the indicator is to price fluctuations.
  
• Bars Percent: Defines how many bars must pass before a new percentage label is plotted. A smaller value plots labels more frequently, while a higher value shows fewer labels.
  
• Channel Width & Show Channel: The width of the channel can be customized, and traders can toggle the channel on or off depending on their preferences.
  
• Color Customization: Traders can customize the colors for the uptrend, downtrend, and percentage labels, providing flexibility in how the indicator is displayed on the chart.
  

By combining trend-following capabilities with percentage change tracking, the Percent Trend Change indicator offers a powerful tool for identifying trend direction and setting potential take-profit targets. The ability to customize the channel and percentage labels makes it adaptable to various trading strategies.

31 ott 2024

Note di rilascio

Rising and falling bars inputs for trend following