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
