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NWT MA Trend Filter Ver2
The "NWT MA Trend Filter Ver2" is an indicator that can be added to a chart to show the direction of the trend. Apart from showing the usual Green = UpTrend, Red = DnTrend it can also show you Blue=Sideways action.
In order to differentiate between a Up/Dn trend and sideways action, we need to look at more then just the slope of the MA. This is where the idea of bands comes into play. As seen on the example chart and it's associated properties, if the price goes outside of the bands, the MA changes to display the relevant direction. If the price stays inside the bands for greater than the Sideways_Period, then we have sideways action, so the MA is painted blue.
The MA Type ie S,E,W,Z and the MA_Length and the MA Price ie "C" or (H+L)/2 may be defined. The bands and their visibilty may also be defined. In this example they are 1*ATR(14) from the MA.
The remaining parameter relates to a minimum price movement ie where the price is extremely small ie night time, then paint the MA Blue. If you just want a colored Up/Dn (Green/Red) indicator and no blue, then make the "Band_Distance" = 0 and the Minimum_Band=0.
Category
MultiCharts
Details:
NWT MA Trend Filter Ver2
Category:
MultiCharts
November 24th, 2012
Size: 13.67 KB
Downloaded: 416 times
1317
NW27
Comments/ratings
Bondi9999
December 27th, 2012 08:19 PM
Fantastic stuff NW27! Really appreciate you sharing this and other indicators.
charttrader
March 16th, 2015 11:43 AM
Sensible, sound principles for trend following.
The addition of a blue line adds value.
Very good!. Thanks.
mani4kannan
December 14th, 2016 05:30 AM
No Comment
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