Quicksilver80

EZ Trend

EZ Trend creates a signal when the current open price is equal to, or within a set range of, the last close price AND current candle is the opposite color of last candle. This indicator is based on my observation that when O = C AND the last candle's color is opposite of the current candle, the NEXT candle seems to follow the color of the current candle and a change in trend tends to follow.

This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O = C. Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC             ) and larger time frames tend to yield fewer false signals.

Signal precision (the absolute value of the difference between O and C ) can be adjusted in 0.00000001 increments.
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// EZTrend creates a signal when the current open price is equal to, or within a set range of, the last close price AND 
// current candle is the opposite color of last candle. 
// This indicator is based on my observation that when O= C AND the last candle's color is opposite of the current candle, 
// the NEXT candle seems to follow the color of the current candle and a change in trend tends to follow. 
// Signal precision (the absolute value of the difference between O and C) can be adjusted in 0.00000001 increments. 
// This is not an absolute rule and it seems to work better with middle and higher priced assets where there is a lesser probability of O = C. 
// Assets with very low prices or low volatility should use a Signal Precision value of 0. (ex: DGBBTC) and larger time frames tend to yield fewer false signals.

study(title="EZTrend", shorttitle="EZT 1.0", overlay=true)

range = input(0.25,step= 0.00000001, title= "Signal Precision")
show_bgrnd = input(true, title= "Show Background Colors?")

aaa = abs(open[0] - close[1]) <= range ? 1 : 0

bbb = close[1] - open[1] > 0 ? 1 : 0
ccc = close[0] - open[0] > 0 ? 1 : 0

ddd = bbb != ccc ? 1 : 0
eee = aaa and ddd? 1 : 0

fff = ccc == 1 ? 1 : 0
ggg = ccc == 0 ? 1 :0

bgcolor(show_bgrnd and fff? green : na, transp= 75, title= "Buy Background Color" )
bgcolor(show_bgrnd and ggg? maroon : na, transp= 70, title= "Sell Background Color" )

plotchar(fff? eee : na, transp= 0, char= "B", color= green, location= location.belowbar, title= "Buy Character"  )
plotchar(ggg? eee : na, transp= 0, char= "S", color= red, location= location.abovebar, title= "Sell Character"  )

// end
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