Glitch Index

Glitch Indicator Explained
Overview:
The Glitch Indicator is a trend-based tool designed for simplicity. Originally coded for MT4 in 2024, its roots trace back to an .lua indicator from 2013 and older MetaStock code. It focuses on trend strength and overbought/oversold conditions, though it's used differently here.

Features:

Inner Bands: Act as a filter; yellow candles indicate a weak trend. The threshold is adjustable.
Outer Bands: Indicate overbought/oversold areas, but are ignored in this setup.
Zero Line: Not used for signal generation due to the focus on yellow candles.
Usage:

Simplify to color changes: green for long, red for short.
Ignore the amplitude of bars; only color matters.
Settings:

Glitch MA Period: Default is 30.
Glitch Moving Average Method: Default is SMA; 8 options available.
Price to Use: Default is Median (4); 32 options available.
Glitch Inner Level: Default is 2.0, acts as a trend filter.
Glitch Outer Level: Default set to 2.0 but not used for analysis.
Setup:

Adjust chart colors for clarity.
Modify settings to fit the desired analysis style.
This simplified approach helps avoid unnecessary distractions, focusing solely on trend direction indicated by color changes.