OPEN-SOURCE SCRIPT
Dynamic Trend Bands [ChartPrime]
The Dynamic Trend Bands is a versatile trend-following indicator that uses a double-smoothed Hull Moving Average (HMA) to detect market trends, combined with dynamic bands that provide insight into potential momentum shifts and volatility-based price zones.
⯁ KEY FEATURES
⯁ HOW TO USE
⯁ CONCLUSION
The Dynamic Trend Bands is an all-in-one tool that helps traders assess trend strength, detect momentum shifts, and identify key price zones. Its customizable features make it adaptable for various trading styles and market conditions.
⯁ KEY FEATURES
- Double HMA Trend Filter
Utilizes a double-smoothed HMA for a smoother and more responsive trend line, reducing noise while highlighting clear market trends.Pine Script®float base = ta.hma(ta.hma(close, length - 10), length) - Dynamic Volatility Bands
Plots upper and lower bands based on volatility, positioned above the price in a downtrend and below the price in an uptrend. - Momentum Shift Detection
Highlights bars in orange when a potential momentum shift occurs:
- During a downtrend, if the high breaks above the upper band.
- During an uptrend, if the low breaks below the lower band. - Customizable Band Appearance
Users can adjust the size, distance, and colors of the bands, as well as choose whether to display the mid-band line and fill the area between bands. - Timeframe Flexibility
Allows selection of different calculation timeframes, enabling traders to adapt the indicator to various trading strategies.
⯁ HOW TO USE
- Identify Trend Direction
Use the double HMA line to confirm the prevailing trend:
- Above the bands: downtrend.
- Below the bands: uptrend. - Spot Potential Momentum Shifts
Watch for orange-highlighted bars signaling potential reversals or weakening trends. - Optimize Entries and Exits
Enter trades on trend continuation signals while using band breaks to spot potential reversal zones. - Customize to Fit Your Strategy
Adjust the bands’ size, distance, and calculation timeframe to suit scalping, swing, or position trading.
⯁ CONCLUSION
The Dynamic Trend Bands is an all-in-one tool that helps traders assess trend strength, detect momentum shifts, and identify key price zones. Its customizable features make it adaptable for various trading styles and market conditions.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.