Code: Select all

//@version=2
study("TrendAlert", overlay=false)

// Trend and direction determination Step 1 en Step 2 method conform ZoneRecovery from 4x-dat.com Joseph Nemeth 
// step 1 LongTerm timefram/resolution (LT) determine general direction 
//•	color last Heikenahsi bar gives is the general direction 
// step 2 MidTerm timeframe/resolution determine trend
//•	color last Heikenahsi bar must match Direction step 1 and
//•	slope of 20EMA in direction step 1 and 
//•	price relation to EMA20: above = up, below=down 
// Step 1 AND step 2 => TrendAlert (-1 for Short, 1 for Long, 0 for No trend)

//Heiken Ashi Candles
data = heikenashi(tickerid)
resLT = input(title="Res LT", type=resolution, defval="D")
resMT = input(title="Res MT", type=resolution, defval="240")


LTo = security(data, resLT, open)
LTc = security(data, resLT, close)
MTo = security(data, resMT, open)
MTc = security(data, resMT, close)

LTlong = LTc > LTo 
LTshort = LTc < LTo 
MTema20 = ema(MTc,20)
MTema20delta= change(MTema20)

MTlong = MTc > MTo and MTc > MTema20 and MTema20delta > 0
MTshort = MTc < MTo and MTc < MTema20 and MTema20delta < 0



Long = MTlong and LTlong
Short = MTshort and LTshort

plot(Long ? 1 : Short ? -1: 0, title="TrendAlert", color= Long ? lime : Short ? red : gray, style=columns )