Threefold_Ghost

Trend Strength - Threefold_Ghost

***************************************************************NO BIAS, NO GUESSING, JUST MATH******************************************************************************************

This script includes open-source code from the following author:

LonesomeTheBlue

Thank you for publishing your work

This script was modified to enhance previous work as well as to serve as a tool for new and seasoned traders alike. The following indicators are mashed together
because they are both math and trend based, creating a very good indication of what the trend is without any bias. By mashing these indicators together, new traders
can better understand why price may react certain ways and seasoned traders can further deep dive a trend to confirm entries and exits. The script can be used
in any time-frame with any ticker. Note, script is not an overlay and will be displayed in a separate pane. Script is also determined by the bar close. Wait for the
bar close for confirmations.

*****************************************************************HOW TO USE THIS INDICATOR**********************************************************************************************

LINEAR REGRESSION Angle:
Defaulted to 100 bars. Unlike the traditional linear regression channel where price is mathematically prone to trade within the regression channel, the linear regression angle works by
calculating the center band of the regression channel and is represented by the green/red columns on the chart. The angle has bullish momentum when greater than 0, represented by the green
columns. Bullish strength is increasing on lime green columns and decreasing on dark green columns, signifying a potential trend reversal. The angle has bearish momentum when less than 0,
represented by the red columns. Bearish strength is increasing on bright red columns and decreasing on dark red columns, signifying a potential trend reversal. Column scale is defaulted to
100 and will need adjusting based on what ticker and time-frame is being charted. Small value assets need a larger scale size and high value assets will need a smaller scale size to fit on chart.

ADX & Directional Movement:
Defaulted to 14 bars. ADX is represented by circles and is lime green/maroon when bullish / bearish trend strength is increasing and black when trend strength is decreasing. There is
market chop when ADX below 25. Very strong trend when above 50. Extreme signal line at 50 is represented by black crosses. Crosses turn red when bullish ADX above 50, signifying potential
trend reversal. Crosses turn lime green when bearish ADX above 50, signifying potential trend reversal.
+DMI or bullish momentum represented by green/black line, weak strength when below 25. -DMI or bearish momentum represented by maroon/black line, weak strength when below 25.

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Release Notes: Added ability to customize label positions
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.

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.

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