Ehlers Instantaneous Trendline, by John Ehlers, identifies the market trend by doing removing cycle component. I think, this simplicity is what makes it attractive :) To understand Ehlers's thought process behind this, refer to the PDF linked below.
There are atleast 6 variations of this ITrend. This version is from his early presentations.
Is this better than a simple HMA? May be, May be not. I will leave it to you to decide :)
I have added options to show this as a ribbon, and to color bars based on ITrend. Check out the options page.
T3 tillson better than this. thanks anyway, nice work.
SFRADS
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@tarikim, thank you for saying this. I didn't know about Tillson until I read your comment. Thought I'd thank you for opening my eye to it. I've been doing TA for over 2 years and this was the first I heard of it. What the hell have I been doing wrong.
Andydray
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@tarikim, Checked out T3 tillson after your comment & not sure how it's better than Ehlers Trend. Perhaps you could enlighten us ?
shajiscs
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@tarikim, please give me link of t3 tillson. I can't find sorry
Crit_Nasty
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For some reason when I add the indicator to the chart, the EMAs are not filled with the red and green trend indi colors...
Crit_Nasty
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NVM. I figures out how to change it's paramaters. Thank you for this wonderful indi!