FxTricks Trend Power

This Indicator is based on a specific number of Donchian Channels that can show the strength and side of the Trend.

How it works?
- it calculates the main trend direction by using the length that is user-defined. so you can change it as you wish
- then it calculates the trend direction for each of the 9 lower lengths. if you set the length = 20 then the lengths are 19, 18,...11
- and it checks if the trend directions that came from lower lengths is same or not with the main trend direction.
- it changes the trend color of the ribbon.
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Warning: Entry points may also represent trend reversal. So you should use a stop-loss line if you decide to take buy/sell positions.


P.S. I didn't back-test it, it's non-repainting, and it should be used for educational purposes only.

Published by user request. You may want to see the following one: