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Dots Trend Indicator
*Available with the Plus or Premium subscription.
Description:
This script utilizes 4 moving averages, generating colored dots for sets of crossing events on each bar when all 3 crossings align directionally. It employs 3 timeframes, signified by colored dots per bar column. A strong trend is indicated by a colored diamond shape when all three timeframes exhibit directional synchronization.
Unique Features:
- A 4th row of dots is auto generated when the chart timeframe is 3m or less.
- A concise trading module shows buy/sell signals, daily high/low, and candle formations referencing the prior day.
- HOD or LOD background color indicates price in the upper/lower third of the current day’s range, suggesting a potential directional trend or sideways movement.
- Current candle formation referencing the previous day is shown (“Inside”, “Outside”, “Up”, or “Down”). The HOD/LOD text colors green/red corresponds respectively with up/down from previous day close.
Indicator Options:
Go to indicator settings under the “Input” tab section to customize:
- Select options to show/hide: chart timeframe, module trend signal, module high/low, module range highlighting, and module candle formation.
- Row timeframes are user selectable.
- All dot (shapes), text, text color and background colors are user selectable.
- Moving average lengths and sources are user selectable.
- Moving average types (SMA, EMA, SMMA (RMA), WMA, and VWMA) are user selectable.
Usage Tips:
Use as a part of a strategy and with other indicators.
Disclaimer:
Achieving trading success hinges on adherence to your strategy, with indicators complementing rather than dictating trades. This script serves solely for informational and educational purposes and does not offer professional or financial advice. You assume full responsibility for evaluating the script output and its associated risks.
By utilizing the script, you agree to absolve StockWaver (TradingView user) of any liability for damages arising from decisions based on it. StockWaver is not affiliated with TradingView, Inc. Remember, experience and sound risk management are invaluable, and there’s no substitute for them, be it indicators or strategies. Thank you!
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Risk Disclosure
Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Hypothetical Performance Disclosure
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.
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