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
Filter X parameters
Trend Meter Background Highlight - Filter X + 3 Trend Meter Conditions Met (Minor / Major Base Line Cross Excluded)
Background Highlight when all 3 conditions are met
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
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
Alerts for Rapid Color Change for 3 trend meters
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.
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.
Sorry, I didnt make that clear. I do that already. What do the full "meter" lines mean and the background solid colour?