It can be used:
- Detecting Short/Long term trend direction
- Dynamic support/resistance, not just a line, but it has a height
- Trailing stop
- Trend reversal detection, when price cross above/below Heiken Ashi candle
A lot of moving averages can be selected to adjust it to the selected market.
It uses my TAExt library, so you can use it in your strategies as well.
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.