This is a famous trend indicator in MT4 platform. Is this better than other MA based trend systems? I will let you decide that :)
Supported modes:
- Trend mode: This is the default. Draws a trend line (like MA) and colors them based on the trend.
- Ribbon Mode: Shown at the bottom pane. No trend lines are drawn.
- OverlayMode: Bars are colored based on the current trend. Trend line is also displayed (default color=gray).
Complete list of all my indicators:
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
Supported modes:
- Trend mode: This is the default. Draws a trend line (like MA) and colors them based on the trend.
- Ribbon Mode: Shown at the bottom pane. No trend lines are drawn.
- OverlayMode: Bars are colored based on the current trend. Trend line is also displayed (default color=gray).
Complete list of all my indicators:
docs.google.com...ByMEvm5MLo/edit?usp=sharin...
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study(title="Coral Trend Indicator [LazyBear]", shorttitle="CTI_LB", overlay=true) src=close sm =input(21, title="Smoothing Period") cd = input(0.4, title="Constant D") ebc=input(false, title="Color Bars") ribm=input(false, title="Ribbon Mode") di = (sm - 1.0) / 2.0 + 1.0 c1 = 2 / (di + 1.0) c2 = 1 - c1 c3 = 3.0 * (cd * cd + cd * cd * cd) c4 = -3.0 * (2.0 * cd * cd + cd + cd * cd * cd) c5 = 3.0 * cd + 1.0 + cd * cd * cd + 3.0 * cd * cd i1 = c1*src + c2*nz(i1[1]) i2 = c1*i1 + c2*nz(i2[1]) i3 = c1*i2 + c2*nz(i3[1]) i4 = c1*i3 + c2*nz(i4[1]) i5 = c1*i4 + c2*nz(i5[1]) i6 = c1*i5 + c2*nz(i6[1]) bfr = -cd*cd*cd*i6 + c3*(i5) + c4*(i4) + c5*(i3) // -------------------------------------------------------------------------- // For the Pinescript coders: Determining trend based on the mintick step. // -------------------------------------------------------------------------- //bfrC = bfr - nz(bfr[1]) > syminfo.mintick ? green : bfr - nz(bfr[1]) < syminfo.mintick ? red : blue bfrC = bfr > nz(bfr[1]) ? green : bfr < nz(bfr[1]) ? red : blue tc=ebc?gray:bfrC plot(ribm?na:bfr, title="Trend", linewidth=3, style=circles, color=tc) bgcolor(ribm?bfrC:na, transp=50) barcolor(ebc?bfrC:na)