Trend v2.3 — Indicator by ShirokiHeishi

Update to Trend v2.2
fixed a bug in rsi functionality hopes this kills the repainting issue noted. also added a swing wave time count. Paints blocks white when the desired swing threshold has been met. Could be useful for trend exhaustion warning. Anyhoo, thanks for taking a peek at this. Hope it is useful.

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.

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Want to use this script on a chart?

//@version=2
study("Trend v2.3", overlay=true)
tf = period=="1"?"3":period=="3"?"5":period=="5"?"15":period=="15"?"30":period=="30"?"45":
      period=="45"?"90":period=="60"?"120":period=="120"?"180":period=="180"?"240":period=="240"?"D":
      period=="D"?"W":period=="W"?"M":period=="M"?"3M":period
overlay = input(false, title="Show Trend Color?")
mode    = input(false, title="RSI mode?")
Period  = input(5, title="Length")
Period2 = input(3, title="Signal")
src     = input(close, title="Source", type=source)
up      = security(tickerid,tf ,rma(max(change(src), 0), Period),false)
down    = security(tickerid,tf ,rma(-min(change(src), 0), Period),false)
rsi     = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))
OB      = input(70)
OS      = input(30)
trend   = rsi>=OB?teal:rsi<=OS?maroon:na
trendid = rsi>=OB?1:rsi<=OS?-1:0
p1      = input(defval=3,minval=2,title="Up length")
p2      = input(defval=3,minval=2, title="Down length")
p3      = input(8, title="Swing threshold", minval=0)
cross_s = cross(sma(hlc3,p1) , sma(hlc3,p2)[1])
tick = barssince(cross_s)
barcolor(overlay?trend:na, color=trend)
rsio    = rsi>=OB?rsi:rsi<=OS?rsi:na
col     = rsi>=OB and rsi>=rsi[1]?teal:rsi<=OS and rsi<=rsi[1]?maroon:blue
plotshape(tick>=p3?tick:na, style=shape.square, color=white, transp=0, location=location.bottom)
plotshape(trendid==1?trendid:na, style=shape.square, color=tick>=p3?white:teal, location=location.bottom, transp=0)
plotshape(trendid==-1?trendid:na,style=shape.square, color=tick>=p3?white:maroon,location=location.bottom, transp=0)
plot(mode?rsi:na, color=white,linewidth=2, transp=0)
plot(mode?wma(rsi,Period2):na, color=maroon,linewidth=2, transp=0)
plot(mode?OB:na, color=#2F4F4F, transp=0)
plot(mode?OS:na, color=#2F4F4F, transp=0)
barcolor(overlay?col:na)