The TPR(Trend Pullback Reversal) indicator forms a possible price trend with support and resistance lines. It also comes with a unqiue band and center line as additional features.
TPR works on all timeframes and all symbols and all type of bar chart.
TPR never repaints.
There are 4 Parameters:
Period: umber of bars used for calculations Factor: Multiplier factor, small number for short trend, large number for long trend Source: the input series, default is Close ShowBand: enable to show band and center line
Most trend indicators have similar plot, the difference is where and when they change the direction. Unlike other trend indicators, TPR will focus on main trend and filter out most minor price movements. The green cross-line represents an uptrend, the red cross-line represents a downtrend.
The additional band and center line may look like bollinger band, but the TPR band algorithm is completely different from bollingerband. There is no standard deviation in TPR band calculation.
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Added a new feature.
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Add a new feature and input Band Factor to control the width of the band.
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Added plot titles for alert purpose.
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Add a new input, Extend Bands which are based on the number of ticks above and below the main TPR plot. It can be used as trailing stop for intraday chart.
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Add a new feature as the Trend Duration Table. It has the following six info: