TDR (Trend Direction & Risk) Indicator
The TDR (Trend Direction & Risk) Indicator combines two of my previous indicators into one. TDR helps to visually identify price trends and also measures the risk of entering a position during that trend. This indicator is a combination of Ichimoku cloud techniques, particularly the Kijun-Sen and the percentage price oscillator (PPO) to measure a risk score.
Using the TDR Indicator
There are two main indicator lines, the blue line represents a moving average which can act as support or resistance and the orange and red line is called the trend base. When price crosses the trend base and the moving average also crosses then a change in trend direction is confirmed. This is confirmed with either a Buy or Sell signal.
In between these signals there are also Dollar Cost Average and Take Profit signals based on the current trend direction. Each of these signals gives a warning, indicated with an x above or below the candle accompanied with a b for (buy) or an (s) for sell. The next candle will display a small triangle as confirmation of this signal. These signals are based on a cross of the Advance Signal Price which is show at the current price candle.
The future base level can be set to show a larger macro trend than the current timeframe. An example of this is the 3 day timeframe which I use to determine if Bitcoin is in either a bull or bear market.
The Dollar Cost Average and Take Profit signals recommend to buy or remove a percentage of your position at these points. This percentage is completely down to personal preference.
Risk & Information Box
At the bottom right of the chart there is an information box which contains some Information. It shows the current recommended position based on the signals mentioned above. It also shows a risk score which ranges from -100 to 100. This can be used in combination with the signals and trend above for additional entry points. There are three levels, Low, Neutral and High. Buying a percentage of a position at a low risk level and selling a percentage of a position at a high risk level in combination with the trend signals is recommended.
S/R and Base Percentage
These boxes show the price percentage distance from the blue S/R line and the Trend Base Line. These larger these percentages the more likely a snap back in price towards these lines is likely. In my testing once these get above 20% or -20% the chance the price will move back towards those lines is more likely.
Users who have access to my other scripts will be given access to this one and those old ones will no longer me maintained or updated.
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact Cryptodontrading directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
Disclaimer
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact Cryptodontrading directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.