The field “Trend Force” indicates the strength of the current bullish/bearish trend. The more strong the trend is, the more significant the reversal will be.
This indicator has been developed with the help of ProRealTime to regroup in the same indicator both bullish and bearish trends.
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REM Determines strength of bullish trend BullTrend = (CLOSE - LOWEST[20](LOW)) / AVERAGETRUERANGE[10] REM Determines strength of bearish trend BearTrend = (HIGHEST[20](HIGH) - CLOSE) / AVERAGETRUERANGE[10] RETURN BullTrend AS"BullTrend", -BearTrend AS"BearTrend" |
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Hi Lolo.
If you put on the graph only the difference between both values, the result is much clearer:
REM Determines strength of bullish trend
BullTrend = (CLOSE - LOWEST[20](LOW)) / AVERAGETRUERANGE[10]
REM Determines strength of bearish trend
BearTrend = (HIGHEST[20](HIGH) - CLOSE) / AVERAGETRUERANGE[10]
dif=BullTrend-BearTrend
RETURN dif AS \"Difference\", 0 AS \"Zero\"
Trend Force with Background Color
// — property setting
//Alpha = 40 // Transparency backgroundcolor
// — end
// Determines strength of bullish trend
BullTrend = (close – lowest[20](low)) / averagetruerange[10]
// Determines strength of bearish trend
BearTrend = (highest[20](high) – close) / averagetruerange[10]
// Add Background Color in green if BullTrend Market or red if BearTrend Market
if BullTrend > BearTrend then
BackgroundColor(0,135,0,alpha) // green color
else
BackgroundColor(157,0,0,alpha) // red color
endif
return BullTrend coloured by BullTrend style(histogram,1) as “▲ Bull”, -BearTrend coloured by BearTrend style(histogram,1) as “▼ Bear”