Lij_MC

Trend Meter

Use as a supplementary Indicator to confirm your entries, but it is as good on it's own.

When you first apply the indicator to your chart make sure you shrink it down It looks a lot better that way

The indicator consists of 3 different Trend Meters and a Trend Bar which are used to confirm trend

As a bonus Possible Momentum Setup entries based on Stochastics are marked as well, these are very Powerful however please use with caution

How to Use

The more Trend meters are lit up the better

Look for Support or Resistance Levels for price to be attracted to

Find confluence with other indicators

Enter Long above the Setup Bar

Enter Short Below the Setup Bar


Release Notes: Adjusted;

Filter X parameters

Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
Release Notes: Updated Alerts - You can see and set them properly now
Release Notes: Fixed issue with Alerts
Release Notes: Ability to change dot size

Background Highlight when all 3 conditions are met

Adjusted Alerts
Release Notes: Major Update

Added;

Trend Meters - Fast MACD and RSI Signal Line Cross and RSI 13 Above or Below 50
A Second Trend Bar - Trend Bars Show MA Cross or MA direction
Lots of Alerts

All in All a much more accurate Trend Meter to confirm your trades
Release Notes: Removed Stochastic Momentum Setups and Replaced them with Wave Trend Signals
Release Notes: Fixed Signals - Enjoy but please Back Test
Release Notes: Added Alert for "Any Setup" - Combines Wave Trend Setups, 3 conditions met Setups and 5 ? 11 ema crosses

This Alert is very powerful
However please remember to Long or Short only after the Setup Bar is Closed
and to have a very tight stop loss,
Stop Loss at Bottom of Setup Bar for Longs and Top of Setup Bar for Shorts.
If Price hasn't gone your way after a couple of Bars then cancel your order and wait for a new setup
Release Notes: As Per Request Added

Alerts for Rapid Color Change for 3 trend meters
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?

Comments

trying your indicator, looks amazing
+3 Reply
Hey,
This meter is awesome. Can you tell me why sometimes when 5 dots align that you can get a relatively small candle?



Thanks,
Enda
+3 Reply
Lij_MC TrendSpotter1
@TrendSpotter1, Hey Thanks :)
Sorry I'm not sure but it is a good idea to use the meter in confluence with price action and various candle types etc.
Generally for longs we put a buy order above the setup bar and let price come to us that way we get in only if the momentum is sustained.
Also good to have take profit targets etc.
+1 Reply
@Lij_MC, Hi,
Sorry, I didnt make that clear. I do that already. What do the full "meter" lines mean and the background solid colour?

Thanks,
Enda
Reply
Lij_MC TrendSpotter1
@TrendSpotter1, They are momentum setups based on Stochastics
Reply
Comment removed.
Lij_MC Lij_MC
@Lij_MC, "Multi MA Ribbon +" Which has all the Momentum Strategy Entries, Market Cipher Entries and more....
+1 Reply
This is awesome. Thank you. Do need to remove and add again now that you've updated the script or will it automatically update if already on my charts?
Reply
Lij_MC kennymayne
@kennymayne, Thanks, Its probably worth just re applying it just incase
Reply
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