Trend Indicator or as I like to call it "paRSI" ("Parsa (my name) + RSI") shows that when is above a specific number (default value = 60) it indicates and when is below a specific number (default value = 40 ) it indicates . Lastly when is below the 2 specified numbers it indicates a neutral trend.
I don't recommend trading based on this single indicator. If you're a trend trader this might be useful tool in addition to your own strategy
- If the created pattern has worked previously on the chart, you could enter on the first stages of the green or red section (depending on the market's trend).
- It is not recommended to trade in any direction when there is no color
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.