B-Xtrender

A trend following indicator published in IFTA Journal by Bharat Jhunjhunwala. It is mainly to be traded on big timeframes.

The B-Xtrender elucidates the dilemma of differentiating a trend change from a minor correction, thus providing specific entry, scaling and exit signals. It is an indicator created to give a single glance of the ongoing trend. Even a casual look at the system can acquaint the viewer about the long-term and shortterm trend.

Two indicators used in conjunction constitute the B-Xtrender.
The first indicator determines the short-term trend while the second indicator determines the long-term trend. Once the clarity over market movement is established, a myriad of entry techniques can be used to trade, with the help of the B-Xtrender.

For anyone looking into the indicators please have in the source below where logic behing the indicator is nicely explained.

ifta.org/public/file…_ifta_journal_19.pdf

//PRC_B-Xtrender | indicator
//03.08.23
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge

// --- settings 
shortl1 = 5 //Short - L1
shortl2 = 20 //Short - L2
shortl3 = 15 //Short - L3

longl1  = 20 //Long - L1
longl2  = 15 //Long - L2
// --- end of settings 

shortTermXtrender = rsi[shortl3](average[shortl1,1]-average[shortl2,1])-50
longTermXtrender  = rsi[longl2](average[longl1,1])-50

if shortTermXtrender > 0 then
if shortTermXtrender > shortTermXtrender[1] then
r=0
g=255
else
r=0
g=100
endif
else
if shortTermXtrender > shortTermXtrender[1] then
r=255
g=0
else
r=100
g=0
endif
endif

xe11 = average[5,1](shortTermXtrender)
xe21 = average[5,1](xe11)
xe31 = average[5,1](xe21)
xe41 = average[5,1](xe31)
xe51 = average[5,1](xe41)
xe61 = average[5,1](xe51)
b1 = 0.7
c11 = -b1*b1*b1
c21 = 3*b1*b1+3*b1*b1*b1
c31 = -6*b1*b1-3*b1-3*b1*b1*b1
c41 = 1+3*b1+b1*b1*b1+3*b1*b1
maShortTermXtrender = c11 * xe61 + c21 * xe51 + c31 * xe41 + c41 * xe31

if maShortTermXtrender > maShortTermXtrender[1] then 
rr=0
gg=255
else
rr=255
gg=0
endif 

if maShortTermXtrender > maShortTermXtrender[1] and maShortTermXtrender[1] < maShortTermXtrender[2] then 
drawtext("●",barindex,maShortTermXtrender,dialog,bold,14) coloured("lime")
endif 

if maShortTermXtrender < maShortTermXtrender[1] and maShortTermXtrender[1] > maShortTermXtrender[2] then 
drawtext("●",barindex,maShortTermXtrender,dialog,bold,14) coloured("red")
endif 

if longTermXtrender> 0 then 
if longTermXtrender > longTermXtrender[1] then 
rrr=0
ggg=255
else
rrr=0
ggg=100
endif 
else
if longTermXtrender > longTermXtrender[1] then
rrr=255
ggg=0
else
rrr=100
ggg=0
endif
endif 

if longTermXtrender > longTermXtrender[1] then 
macollongXtrenderColr=255
macollongXtrenderColg=0
else
macollongXtrenderColr=0
macollongXtrenderColg=255
endif 

return shortTermXtrender style(histogram) coloured(r,g,0,150) as "B-Xtrender Osc. - Histogram", maShortTermXtrender as "B-Xtrender Shadow" coloured("black") style(line,5), maShortTermXtrender as "B-Xtrender Color" coloured(rr,gg,0) style(line,3), longTermXtrender style(histogram,1) as "B-Xtrender Trend - Histogram" coloured(rrr,ggg,0,20), longTermXtrender as "B-Xtrender Trend - Shadow" coloured("black",80) style(line,5), longTermXtrender as "B-Xtrender Trend - Line" coloured(macollongXtrenderColr,macollongXtrenderColg,0,80) style(line,3)

//PRC_B-Xtrender | indicator

//03.08.23

//Nicolas @ www.prorealcode.com

//Sharing ProRealTime knowledge

// --- settings

shortl1 = 5 //Short - L1

shortl2 = 20 //Short - L2

shortl3 = 15 //Short - L3

longl1 = 20 //Long - L1

longl2 = 15 //Long - L2

// --- end of settings

shortTermXtrender = rsi[shortl3](average[shortl1,1]-average[shortl2,1])-50

longTermXtrender = rsi[longl2](average[longl1,1])-50

if shortTermXtrender > 0 then

if shortTermXtrender > shortTermXtrender[1] then

r=0

g=255

else

r=0

g=100

endif

else

if shortTermXtrender > shortTermXtrender[1] then

r=255

g=0

else

r=100

g=0

endif

xe11 = average[5,1](shortTermXtrender)

xe21 = average[5,1](xe11)

xe31 = average[5,1](xe21)

xe41 = average[5,1](xe31)

xe51 = average[5,1](xe41)

xe61 = average[5,1](xe51)

b1 = 0.7

c11 = -b1*b1*b1

c21 = 3*b1*b1+3*b1*b1*b1

c31 = -6*b1*b1-3*b1-3*b1*b1*b1

c41 = 1+3*b1+b1*b1*b1+3*b1*b1

maShortTermXtrender = c11 * xe61 + c21 * xe51 + c31 * xe41 + c41 * xe31

if maShortTermXtrender > maShortTermXtrender[1] then

rr=0

gg=255

else

rr=255

gg=0

endif

if maShortTermXtrender > maShortTermXtrender[1] and maShortTermXtrender[1] < maShortTermXtrender[2] then

drawtext("●",barindex,maShortTermXtrender,dialog,bold,14) coloured("lime")

endif

if maShortTermXtrender < maShortTermXtrender[1] and maShortTermXtrender[1] > maShortTermXtrender[2] then

drawtext("●",barindex,maShortTermXtrender,dialog,bold,14) coloured("red")

endif

if longTermXtrender> 0 then

if longTermXtrender > longTermXtrender[1] then

rrr=0

ggg=255

else

rrr=0

ggg=100

endif

else

if longTermXtrender > longTermXtrender[1] then

rrr=255

ggg=0

else

rrr=100

ggg=0

endif

if longTermXtrender > longTermXtrender[1] then

macollongXtrenderColr=255

macollongXtrenderColg=0

else

macollongXtrenderColr=0

macollongXtrenderColg=255

endif

return shortTermXtrender style(histogram) coloured(r,g,0,150) as "B-Xtrender Osc. - Histogram", maShortTermXtrender as "B-Xtrender Shadow" coloured("black") style(line,5), maShortTermXtrender as "B-Xtrender Color" coloured(rr,gg,0) style(line,3), longTermXtrender style(histogram,1) as "B-Xtrender Trend - Histogram" coloured(rrr,ggg,0,20), longTermXtrender as "B-Xtrender Trend - Shadow" coloured("black",80) style(line,5), longTermXtrender as "B-Xtrender Trend - Line" coloured(macollongXtrenderColr,macollongXtrenderColg,0,80) style(line,3)

trend

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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superfalcio • 08/03/2023 #
very interesting, i red the article. Nicolas are you going to create an automated strategy based on that? I will appreciate and I’d like to test it!!!

luxrun • 08/03/2023 #
Con la programmazione assistita, ho generato questi due screener, uno long e l’altro short. Le strategie non ho ancora provato a crearle. Posto i due screener e aspetto qualche commento. A me pare funzionino nel cercare titoli adatti, non
ho provato con indici, forex e altro. Un saluto

indicator1 , ignored , ignored , ignored , ignored , ignored = CALL
“PRC_B-Xtrender” (close )
c1 = (indicator1 [1] >= indicator1 [2])
indicator2 , ignored , ignored , ignored , ignored , ignored = CALL
“PRC_B-Xtrender” (close )
c2 = (indicator2 >= 0)
ignored , ignored , ignored , indicator3 , ignored , ignored = CALL
“PRC_B-Xtrender” (close )
c3 = (indicator3 [1] >= indicator3 [2])
ignored , ignored , ignored , indicator4 , ignored , ignored = CALL
“PRC_B-Xtrender” (close )
c4 = (indicator4 >= 0)
SCREENER [c1 AND c2 AND c3 AND c4] ((close /DClose (1)-1)*100 AS
“% Var ieri” )

indicator1 , ignored , ignored , ignored , ignored , ignored = CALL
“PRC_B-Xtrender” (close )
c1 = (indicator1 [1] <= indicator1 [2])
indicator2 , ignored , ignored , ignored , ignored , ignored = CALL
"PRC_B-Xtrender" (close )
c2 = (indicator2 <= 0)
ignored , ignored , ignored , indicator3 , ignored , ignored = CALL
"PRC_B-Xtrender" (close )
c3 = (indicator3 [1] <= indicator3 [2])
ignored , ignored , ignored , indicator4 , ignored , ignored = CALL
"PRC_B-Xtrender" (close )
c4 = (indicator4 <= 0)
SCREENER [c1 AND c2 AND c3 AND c4] ((close /DClose (1)-1)*100 AS
"% Var ieri" )

Fgats • 08/03/2023 #
Hello Nicolas, I’d like to know why you chose to use simple average functions to define shortTermXtrender and longTermXtrender while Bharat Jhunjhunwala in the article you pointed out was using exponential average functions. Thank in advance for your answer. Gabriel
- Nicolas • 08/03/2023 #
  The average used are EMA already, average[shortl1,1]
  1 stands for Exponential.

Fgats • 08/03/2023 #
I suspected something like this but in the PRT documentation I couldn’t find anything to explain the second parameter of the “average” function. So I suppose that by using this second parameter we can define other types of averages in the same way. Anyway, thank you for your quick response.

616248 • 08/03/2023 #
Bonjour Nicolas,

Peux tu nous expliquer le principe de fonctionnement ? Ou nous mettre un lien vers l’explication ?
Te remerciant par avance
- Nicolas • 08/03/2023 #
  Le lien vers l’article IFTA de l’auteur est dans le post déjà 🙂

P. Marlowe • 08/03/2023 #
Very poweful indeed. It deserves close attention. I really appreciate very much IFTA background, Thanks.

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