OPEN-SOURCE SCRIPT
Updated TS Gunzo Trend Sniper
The TS Gunzo Trend Sniper is a powerful trend-following indicator designed to help traders identify potential trend reversals and trend continuations with precision.
Key Features:
Smoothing Option: Enable or disable the smoothing of the weighted moving average with an exponential moving average (EMA) to reduce noise and improve signal clarity.
Trend Signals: The indicator identifies upward trends (green line) and downward trends (red line), with a yellow line indicating neutral or no trend. These signals are designed to assist in making informed trading decisions.
How It Works:
Weighted Moving Average Calculation: The indicator uses a custom weighted moving average (WMA) formula to emphasize recent price data while accounting for historical prices.
Trend Identification: By comparing the current WMA value with previous values, the indicator determines whether the trend is upward or downward.
Smoothing (Optional): The smoothing option applies an EMA to the WMA to produce a smoother trend line, which can be toggled based on user preference.
Plotting: The trend line is plotted on the chart with different colors representing the trend direction.
Key Features:
Smoothing Option: Enable or disable the smoothing of the weighted moving average with an exponential moving average (EMA) to reduce noise and improve signal clarity.
Trend Signals: The indicator identifies upward trends (green line) and downward trends (red line), with a yellow line indicating neutral or no trend. These signals are designed to assist in making informed trading decisions.
How It Works:
Weighted Moving Average Calculation: The indicator uses a custom weighted moving average (WMA) formula to emphasize recent price data while accounting for historical prices.
Trend Identification: By comparing the current WMA value with previous values, the indicator determines whether the trend is upward or downward.
Smoothing (Optional): The smoothing option applies an EMA to the WMA to produce a smoother trend line, which can be toggled based on user preference.
Plotting: The trend line is plotted on the chart with different colors representing the trend direction.
Release Notes
//Release Notes
//Release Notes
//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.
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.
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.