Generates a long entry signal when the ( ) value is greater than the trendlevel and the close is greater than the filter value, and/or generates a short entry signal when the value is greater than the trendlevel and the close is less than the filter value.
The evaluates the strength of a current trend. The is an oscillator that fluctuates between 0 and 100. Values below 20 indicate a weak trend, values above 40 indicate a strong trend. The direction of the trend is not measured by this indicator.
As usual, the script features signal filtering/generation and a rough estimate of its performance.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.