Trend Strength Indicator

This indicator uses Heiken Ashi candle data to plot trend strength signals to your chart.

Bright Green: Heiken Ashi candle data is still putting in higher lows and higher highs, and the price closed above the previous low.
Dark Green: Heiken Ashi candle closed green, but had a lower low or lower high (trend weakening).
Bright Red: Heiken Ashi candle data is still putting in lower lows and lower highs, and the price closed below the previous high.
Dark Red: Heiken Ashi candle closed red, but had a higher low or higher high (trend weakening).

Optional: I included a setting for allowing high RSI values to overrule Heiken Ashi values (disabled by default).

This kind of indicator is best used for managing open positions rather than entering trades. It works on all timeframes and instruments.

Feel free to contact me if you have any questions :)

- Matt

PS. Here's a snapshot of it against a Heiken Ashi chart for reference:

Catatan Rilis: Added -1 offset value to trend strength bars so that they align properly with candles.
Catatan Rilis: - Turned RSI override on by default to improve trend strength signal accuracy.
Catatan Rilis: Added ability to reference higher timeframe
Catatan Rilis: Removed HTF functionality as repainting issues were creating problems.

Indicator no longer repaints, and only uses the current timeframe data for signals.
Catatan Rilis: -
- Converted to Pine Script version 4
- Several minor code improvements & optimizations
- Added candle offset (0 = use current bar data, 1 = use previous bar data)
Skrip open-source

Sejalan dengan semangat TradingView, penulis skrip ini telah mempublikasikannya secara open-source, sehingga para trader dapat memahami dan memverifikasinya. Salut untuk sang penulis! Anda dapat menggunakannya secara gratis, tetapi penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk dapat menggunakannya didalam sebuah chart.

Inggin menggunakan skrip ini pada chart?
If you want to master Pine Script coding, watch my free YouTube lessons or get the source code to my scripts then check out my Pine Script Mastery Course website: https://www.pinescriptmastery.com


Nice work.
+4 Jawab
Thank you all your hard work
Thank you for the good indicator.