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Higher Timeframe Trend Indicator V3.0What is it?
An indicator that depicts the trend of up to 5 higher timeframes on the same chart without needing to context-switch between charts.
Features
- Supports up to 5 timeframes
- Trends indicated by 5 colored buttons: one for each timeframe
- Varying shades of green: uptrend
- Varying shades of red: downtrend
- White/silver: sideways/neutral
- Configurable length (time period) for each timeframe
- Increase length to capture long term trends; decrease it to capture only short term ones
- Configurable sensitivity for each timeframe
- Sensitivity determines what angle is considered trending and what is not
- Increase sensitivity to capture weak trends
- Decrease sensitivity to filter out weak trends and capture only strong/steep ones
- Sensitivity ranges from 1 (least sensitive) to 3 (most sensitive)
- Move the labels around vertically for better visibility by changing the "Location" and "Offset" parameters
How should one use it?
Use it to quickly browse through charts to understand the context across timeframes, and zero in on only those that have trends aligning on the higher and lower timeframes as per your strategy. For e.g., a chart that is trending up strongly on the 15min and 60min (indicated by dark green colored buttons), and trending down on the 1 and/or 5 min (indicated by red-colored buttons), can be shortlisted for a potential pullback trade. Use your favorite pullback strategy (Supply/Demand, Support/Resistance, Moving Averages, etc.) to hop in on the trend.
How are trends determined?
The indicator uses normalized %change in price of the linear regression line segment of the chosen price sources (close, high, low, MA, etc.) over a specified length to determine trend direction and intensity
Known Issues
Will indicate the trend correctly only for timeframes *higher* than the current (visible) resolution/timeframe of the chart. Might not indicate it correctly for lower timeframes ( i.e., lower than the current (visible) resolution/timeframe of the chart). For this reason, all timeframes lower than the current resolution will be hidden in the present release.
Future releases
- I am still experimenting with various sensitivity levels and the corresponding trend shades to make the tool as accurate and intuitive as possible. These modifications might come in
- Sensitivity levels might be increased.
- Bug fixes, if any
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TF Segmented Linear RegressionFit a line at successive intervals, where the interval period is determined by a user-selected time frame, this allows the user to have an estimate of the intrinsic trend within various intervals.
Settings
Timeframe : Determine the period of the interval, if the timeframe is weekly then a new line will be fit at the start each weeks, by default "Daily"
Mult : Multiplication factor for the RMSE, determine the distance between the upper and lower extremities
Src : Input data for the indicator
Plot Extremities : Logical value, if true then the extremities of the channel are plotted, if false only the midline is plotted, true by default.
Usage
The timeframe setting should be higher than the current chart timeframe, note however that too large values of timeframe might return an error. Since the maximum number of lines that can be plotted is 54, using the extremities will only return 18 channels.
The indicator can be compared to the "regression trend" drawing tool
Main tf = 5 min with the indicator using a daily timeframe, the filled area is produced by the regression trend drawing tool using the same interval as the indicator, and coincide with it.
Main tf = 15 min with the indicator using a weekly timeframe, wider channel indicate that the values tend to be farther away from the fitted line.
A line with a significant slope indicates a strong trend, in that case, the width of the channel is determined by the amplitude of the retracements in the trend, with a narrower channel indicating a cleaner trend.
When the fitted line has a low slope value and the channel is wide, it means that there were two or more variations of opposite directions with large amplitudes within the interval, this also indicates that a linear model is not appropriate.
A slope approximately equal to 0 with a low channel width indicates a trendless market with cyclical variations of low amplitude in it.
Refrences
Determining the starting and ending points of the fitted line was done using a linear combination between the wma and sma
The wma and sma functions both use a series as period by making use of the Wma and Sum functions in the following script
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Combination Parabolic MA/IIR/ALMA Strategy, with other goodiesOkay, so this is a lot. It started mostly with me combining indicators and looking for ideal entry criteria.
It is also a collection of conditions, whether used or unused, for my current chosen "best" strategy. It is currently set how I like it, but it has changed with time, and will continue to do so. Within, there are variables that are unused, but offer some insight into the overall odds of a trade. They were, in fact, once used but fell out of favor. And all details for this strategy are within the comment header of the script.
As this evolves, I most certainly wont keep any future findings and hope for profit from my peers (yinz). Also, I'd like to give a sincere thanks to the people of TV for what I learned in a few month's time and their flexible membership plans. Basically, I'm just a mad scientist, but this monster's a masterpiece and folks here before me made many indirect contributions to it.
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Okay guys, lastly and most importantly,
Each smack of the like button is a vote of your confidence in me, to my beautiful landladies, Celeste and Adele, that my rent will be caught up and that it won't always be a problem. Which, in my mind, makes me a graph. And they've got strong hands and don't sell the low. I more than respect that. Seriously. And I'm very grateful for their willingness to work with me, but the thing is that I didn't ask first; life just happens. But few are tolerant of others. And quite importantly, I truly believe that I will be successful one day, and that "thumbs-up" button is your vote of confidence. If you're not sure, then don't hit it yet. Maybe my scripts will boost your confidence in me :)
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PS: And you know what? I'ma give a shout-out to Philakone for teaching me everything that I know about Elliot Wave . Absolutely. Two years ago, I would keep telling myself that one day I will put something in his gratuity wallet or pursue the paid courses. And, I still plan on it, because I'm grateful. And so also, to everybody else, I'm recommending him to learn from. because as a trader who might not know everything for free, you can certainly fill in the gaps with his altruistic offerings. And I'm betting that you will then feel more than inclined to buy the Udemy course.
"If wave 2 retraces a lot; number 4 will not". Repetition. Philakone didn't fix my memory but he sure did find a workaround, haha
Okay, everyone, Thanks! Strategy

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