MultiCharts - NWT Trend Ribbon

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NWT Trend Ribbon

NWT Trend Ribbon - Version1
This has come up in a posting else where so I thought I might as well put it in the download area.
Basically it is a ribbon (horizontal line) that changes color to indicate the trend.
In the picture, I have put four of these onto the chart, all with the same MA periods but using different types of moving averages ie EMA, WMA, ZMA, TEMA.
It is quite simple in that it just uses a Slow and a Fast MA (example shows a 40 and a 20) but it also incorporates a spread into these two MA's ie 0.0003 (3 pips on the Forex). So the two MA's must be separated by at least 3 pips in this example before it states it is in a trend.
Green for Up, Red for Down and Blue for Stand aside (Barbwire) ie do not trade.

Note - The Study uses an external function to determine the trend, this allows the function to be easily added into a signal.
Direction = NWT_Trend(LongMALen,ShortMALen,Spread,Price,MA_Type) ;
or
Direction = NWT_Trend(40,20,0.0003,Close,"E") ;
So direction ends up with either 1 or 0 or -1. (1=Long, 0=Stand aside, -1= Short)

Compare this to the Sample ADX indicator on the bottom. The three RED lines are at 20,25 & 30.

Neil.

Category MultiCharts

Details: NWT Trend Ribbon
Category: MultiCharts

May 2nd, 2012
Size: 12.63 KB
Downloaded: 521 times

Keywords: indicator trend