Potential Upcoming Trend Tool

4 giorni fa

This Script has the specific use of identifying when and how a new trend may start to take form, rather than focusing on how a trend has already formed on a longer term basis.

This Script is useful on it's own and not in conjunction with another. It works by taking on the most recent price data rather than a long term historical string.

It differs from standard trend following indicators because it's use is far less historical, and more present. It requires less pivot points than normal to be validated as a strong trend.

It works by taking local pivot points and fractals to form its parallel basis. The Trend lines will continually move as more recent price action data appears and the the channel will get thinner, until it is clear a trend has arrived and consolidated.

The idea really is to see a constantly evolving picture of a sudden change in movement, allowing you to have an earlier eye on what is potentially to come.

The faint mid-point line gives a reasonable reading of where you would find yourself halfway within a new trend and will also move inline with the shown trendlines.

This allows you to easily track when sentiment and therefore trends are about to change. It's much more useful on lower timeframes because they will often give the first indication something is changing.

Colours are fully customisable.