OPEN-SOURCE SCRIPT
Updated PhantomFlow TrendDetector
The TrendDetector calculates waves on the chart using the built-in ZigZag indicator and detects a trend change after the last high/low update occurs in a minimum sequence of non-updated highs/lows. This assumes a continuation of the trend for the subsequent update of the remaining high/low.
For trend determination:
When you see a pink or light yellow trend color, it means that a new trend may potentially be emerging right now, and you can join it almost at the beginning. So, if you see patterns from your trading system aligning with the TrendDetector indicator and they have the same direction, it further increases the likelihood of your plan working out.
In the case where the trend phase has a red or green color, it may indicate that the primary market impulse has already occurred, and therefore, joining the trend at this time may not be advisable.
For trade entry:
Additionally, you can use the indicator specifically for entering the market using market orders. Depending on the timeframe (the smaller the timeframe, the more confirmation candles are needed), you can open a trade when one trend replaces another at the close, for example, the second candle in the case of a 10-minute timeframe. Stop-loss can be placed under the signal candle, a local peak, or a reversal trend valley, a global peak, or a reversal trend valley. In the example above, the second option was used.
Settings
You cannot technically adjust anything in this indicator because all the logic is hardcoded. However, for a better chart visualization, after adding it to the chart, click on the three dots next to the indicator name, select "Visual order," and then "Bring to front".
For trend determination:
When you see a pink or light yellow trend color, it means that a new trend may potentially be emerging right now, and you can join it almost at the beginning. So, if you see patterns from your trading system aligning with the TrendDetector indicator and they have the same direction, it further increases the likelihood of your plan working out.
In the case where the trend phase has a red or green color, it may indicate that the primary market impulse has already occurred, and therefore, joining the trend at this time may not be advisable.
For trade entry:
Additionally, you can use the indicator specifically for entering the market using market orders. Depending on the timeframe (the smaller the timeframe, the more confirmation candles are needed), you can open a trade when one trend replaces another at the close, for example, the second candle in the case of a 10-minute timeframe. Stop-loss can be placed under the signal candle, a local peak, or a reversal trend valley, a global peak, or a reversal trend valley. In the example above, the second option was used.
Settings
You cannot technically adjust anything in this indicator because all the logic is hardcoded. However, for a better chart visualization, after adding it to the chart, click on the three dots next to the indicator name, select "Visual order," and then "Bring to front".
Release Notes
- Added alerts
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.