True Barcolor

Heikin Ashi can be useful for understanding trend based on price action but it doesn't take volume in context. Here I have tried to use volume for understanding true bar color and ultimately true trend analysis. It can also help you in not getting trapped in sudden shakeouts. Also, you can use it for averaging of your existing position.

Conditions used:
  • Relative closing price
  • Relative volume against previous bar and overall moving average of volume
  • Volume analysis
  • Trend analysis

Release Notes: Updated to version 5
Release Notes: Trailing stoploss is added in the script to highlight when to minimize the risk and Improve R:R ratio
Release Notes: Limited number of Trailing stoploss lines display period.
Release Notes: Trend reversal must be confirmed by closing above or below trailing Stoploss
Release Notes: Tutorial for the script added along with the the scenario like supertrend
Release Notes:

Indicator name change

potential entry points added

reversal signals are added for profit booking

Open-source script

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.

Want to use this script on a chart?