So, I thought I should share this script also to everyone, and anyone that may find it useful. Personally, I use it to tell the general market conditions.
Here's how I works : The script tries to determine the overall direction of the market, using smoothed Heiken Ashi candles. The coloring system (using bright and dark colors) is an attempt to detect strong market and weak market conditions. There's also an oscillator within the script, but for now it isn't plotted. Credits to @jackvmk, I used part of his open-script code in this indicator.\
I have considered using the slope of the indicator plot as a filter for ranging market conditions. The plot goes relatively flat in 'flat' markets. However, I have not done anything about that yet. Maybe some other time.
I hope you find this useful. If you find a way to use this, please share it with the community in the comment section.
NOTE: THIS IS BY NO MEANS FINANCIAL ADVICE. You'll have to make your studies and come up with a way to apply this indicator to your trading style and strategy.
By the way, I would be going with the name 'CEREBR' for any subsequent scripts I release from now on.
Happy Trading, guys.
- Alertcondition() Features: You can now set alerts in the alert dialog for events like trend switch, trend strengthening and weakening; all for both Bullish and Bearish trend.
I also added the code for custom alerts, for those who would want that, but you would have to create a copy of the indicator and uncomment that code block. Don't worry, it's super easy, and the instructions have been included on the bottom of the code.
- Multitimeframe Functionality: If you wish to use the Market Bias from a higher timeframe, you can do that now. Please note that this only allows higher timeframes (or your chart's current timeframe). If a lower timeframe is set, the script would default to the chart's current timeframe.
- Cleaner Code: For some developers who have wanted to use the script in their own codes, but were confused by some parts of it, I have made the code more cleaner and have added documentations to it as well.
- More Customizability: You can now customise the script's plots without having to go to the 'Styles' settings.
I am amazed at how many people have found this indicator useful. Thanks you all for the support. Please let me know if you have any difficulties using the script, or suggestions for additional features to the 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.