Angle-based Trend Indicator

26 kwi 2023

I couldn't find this anywhere else, at least not in the simple way I wanted it.

1. choose a source
2. choose a look-back period
3. choose an angle

The indicator will show you the degree of the trend of the look-back period, and color the line according to bearish or bullish. Also, this is my first script, please be kind.

26 kwi 2023

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I added a projection line you can toggle off and on with its own color selection.

26 kwi 2023

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30 kwi 2023

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I added a buy and sell signal to the indicator and enabled the creation of alerts for it.

30 kwi 2023

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I added a gray third indicator for exiting trades once a trend runs its course. Please note when using the signals and alerts, you should set the source to a moving average. (I like the 21 period smoothed moving average). If it is just set to close, there will be too many signals.

30 kwi 2023

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Changed the default opacity of the projection line to 50%.

1 maj 2023

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The projection line is now a ray with the same lookback angle as the trend line.

1 maj 2023

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New name to keep track of major revisions.

1 maj 2023

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Little naming change.

1 maj 2023

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3 maj 2023

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Having never done this before, evidently, the second script I published was too close to the first one and I got a message from the mods. So, I am trying to make it right but just making the new one the standard. It can still work the same way as the old one, just use the same settings and look back for both sources/trend lines.

With that out of the way, the new version is meant to add confluences by using two different sources, with signals only printing when both trend lines are in the same state. I recommend using the 8 and 21-period smoothed moving averages. If just want both sets of signals, you can turn off confluence mode as well.