The provided code is a custom indicator called "Trendilo" in TradingView. It helps traders identify trends in price data. The indicator calculates the percentage change of the chosen price source and applies smoothing to it. Then, it calculates the Arnaud Legoux Moving Average (ALMA) of the smoothed percentage change. The ALMA is compared to a root mean square (RMS) band, which represents the expected range of the ALMA values. Based on this comparison, the indicator determines whether the trend is up, down, or sideways. The indicator line is plotted in a color corresponding to the trend direction. The indicator also provides the option to fill the area between the indicator line and the RMS band. Additionally, users can choose to color the bars of the chart based on the trend direction. Overall, the "Trendilo" indicator helps traders visually identify trends and potential reversals in the price data.
love your indicator, can you add buy and sell to it? based on overbought and oversell.. I mean Buy signal by ending the red zone and Sell signal buy ending the green zone. that would makes it perfect
Chili_1337
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@BehnamYahoo, You can implement it by your own via "if ta.crossover()/ta.crossunder() alert()"
Please where can I find the mq4 or mq5 version of the code
Nevets291
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Great indicator! How would you add an alert for a crossover of the Zero line. Would the text you stated earlier work or only for the upper/lower bands. Does it matter where in the script you place the lines? Thank you