What kind of traders/investors are we?

We are trend followers, always on the lookout for the next big move in the market. Our scripts are meticulously crafted for higher timeframes (daily, weekly, monthly) aiming to capture the large market trends.

What does this script do?

The Pb wTF50 script simplifies the complex world of investing by colour-coding bars to indicate the trend direction. Green bars signify a bullish trend, red indicates a bearish trend, and a combination of both signifies a sideways market. This visual representation ensures investors can quickly gauge the market's direction and act accordingly.

How is the PB wTF50 produced?

The PB wTF50 script employs the simple moving averages (SMAs) as its backbone. Bars positioned above both the SMAs turn green, indicating a bullish trend. Conversely, bars below these SMAs turn red, signalling a bearish trend.

What is the best timeframe to use the script?

The PB wTF50 script is designed for the weekly timeframe. This ensures that traders and investors are aligned with the long-term market trend, filtering out the noise of shorter timeframes.

What makes this script unique?

The challenges of identifying the onset, progression, and culmination of trends are well-known in the investing community. The PbF script addresses these challenges head-on.

  • The PB wTF50 is not a lagging indicator. It is aligned with price movement, which helps investors and traders focus on what the asset’s price is doing. The asset’s price is the primary indicator of its direction.
  • Lagging indicators can be used alongside the PB wTF50 to confirm the asset’s direction.
  • The PBwTF50 continues to remain green during extended periods of bullish pullbacks and red during extended periods of bearish pullbacks. This helps investors and traders hold positions during corrections in the market.
  • When interacting with OB/OS zones, investors and traders are positioned to align with the trend and ignore short-term fluctuations against the trend.
  • The PB wTF50 can be used to enter additional positions, also known as compounding, when an asset’s price has pulled back into an OS zone, but the trend filter has remained green in a bull trend/OB zone, but the trend filter has remained red in a bear trend.

In essence, the PB wTF50 script is a trend filter that gives investors and traders the ability to apply discretion with the start and end of long-term trends as they develop.

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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.


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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