The Custom Trend Indicator with Reversal Arrows is a user-friendly script designed to help traders identify trends and trend reversals on the TradingView platform. This indicator analyzes price action and generates trend lines based on user-defined rules for uptrends, downtrends, and no-trend conditions. Additionally, it highlights trend reversal points with arrows for easy identification.
Features:
Customizable Line Offset Multiplier: Allows users to set the distance between the trend line and the candlesticks. This makes the trend lines more visually discernible.
Trend Identification:
Uptrend: The indicator plots a green line when the current high, low, and close are greater than the previous high, low, and close, respectively.
Downtrend: The indicator plots a red line when the current high, low, and close are less than the previous high, low, and close, respectively.
No Trend: The indicator plots a black line when neither an uptrend nor a downtrend is identified.
Trend Reversal Arrows: The script displays green arrows pointing upwards for bullish trend reversals and red arrows pointing downwards for bearish trend reversals.
To use this indicator, simply copy and paste the provided Pine Script into the Pine editor on TradingView, and add the indicator to your chart. This powerful and customizable tool will enhance your ability to identify trends and capitalize on trend reversals in your trading strategy.
Please note that this indicator is intended for educational purposes only and should not be considered as financial advice. Always perform your own due diligence and consult with a financial professional before making any trading decisions.