Trend Bars Hi Low is a very simple trend indicator in the form of a Paint Bar study.
Bars trending up have higher highs and higher lows, bars trending down have lower lows and lower highs.
Options:
The indie has a couple of options
1. Period - this allows you to increase the lookback period to more than one bar
2. Ignore Inside bars - set this to true if you wish for smaller - less significant - bars that have lower highs and higher lows to be ignored in your trend path
How to use it:
1. Use it on time based bars - won't make sense on anything else.
2. Look to a higher timeframe - is the trend up or down and how advanced is it - too advanced => maybe time for a pulback
3. In your trading timeframe look for signals of pullbacks that suit your trading direction
4. Entries: Following a pullback enter on candles that have your trend color - i.e. enter long when the direction is starting to move up after a period of downtrending candles
5. Exits : Trail your entry and exit when the trend turns against you
Version:
1.0 - Original Version
Credits:
Ripped off from various indicators by @Silvester17, @Abde, @Dorschden
Category The Elite Circle
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