EZ Trend
EZ Trend creates a signal when the current open price is equal to, or within a set range of, the last close price AND current candle is the opposite color of last candle. This indicator is based on my observation that when O = C AND the last candle's color is opposite of the current candle, the NEXT candle seems to follow the color of the current candle and a change in trend tends to follow.
This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O = C. Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC) and larger time frames tend to yield fewer false signals.
Signal precision (the absolute value of the difference between O and C ) can be adjusted in 0.00000001 increments.
This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O = C. Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC) and larger time frames tend to yield fewer false signals.
Signal precision (the absolute value of the difference between O and C ) can be adjusted in 0.00000001 increments.
// EZTrend creates a signal when the current open price is equal to, or within a set range of, the last close price AND // current candle is the opposite color of last candle. // This indicator is based on my observation that when O= C AND the last candle's color is opposite of the current candle, // the NEXT candle seems to follow the color of the current candle and a change in trend tends to follow. // Signal precision (the absolute value of the difference between O and C) can be adjusted in 0.00000001 increments. // This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O = C. // Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC) and larger time frames tend to yield fewer false signals. study(title="EZTrend", shorttitle="EZT 1.0", overlay=true) range = input(0.25,step= 0.00000001, title= "Signal Precision") show_bgrnd = input(true, title= "Show Background Colors?") aaa = abs(open[0] - close[1]) <= range ? 1 : 0 bbb = close[1] - open[1] > 0 ? 1 : 0 ccc = close[0] - open[0] > 0 ? 1 : 0 ddd = bbb != ccc ? 1 : 0 eee = aaa and ddd? 1 : 0 fff = ccc == 1 ? 1 : 0 ggg = ccc == 0 ? 1 :0 bgcolor(show_bgrnd and fff? green : na, transp= 75, title= "Buy Background Color" ) bgcolor(show_bgrnd and ggg? maroon : na, transp= 70, title= "Sell Background Color" ) plotchar(fff? eee : na, transp= 0, char= "B", color= green, location= location.belowbar, title= "Buy Character" ) plotchar(ggg? eee : na, transp= 0, char= "S", color= red, location= location.abovebar, title= "Sell Character" ) // end