Colored trend indicator is a trend indicator that uses Average True Range and Standard Deviation indications. It is aimed to find more healthy trends with this indicator. This indicator can be used alone as a trend indicator.
Detailed review
- 4 different trend colors appear on this indicator. The blue color represents the upward trend.
- The dark blue color has a tendency to decline after rising from the rising trend.
- The red color represents the declining trend.
- The dark red color has a tendency to rise after the fall trend.
Parameters
- Stdev_Prd – Standard deviation period setting
- Stdev_Dev – Standard deviation deviation setting
- Atrprd – Average True Range period setting
- AtrFactor – Average True Range calculation setting
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