This indicator calculates a modified MACD oscillator and signal line alongside a trend EMA filter, plotting the output as a stylized column histogram in a separate pane. Instead of plotting true MACD distance, it quantifies positive and negative histogram mome
Indicator · Pine Script v4 · Own pane
Trend Meter
Trend Meter is a multi-indicator visual tool designed to confirm market directional bias across multiple technical filters in a separate pane.
Repaints
GitHub stars1on the repository
Pine versionv4older, still runs
Lines of code769
Settings15inputs
LicenceNone stated
Last update3 years ago13 Apr 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Trend Meter tracks three customizable Trend Meters based on MACD crossovers or RSI threshold levels, alongside two Trend Bars driven by moving average crossovers or directions. It also calculates filtered Wave Trend setup signals. Users can adjust indicator types, moving average lengths, and signal rules to identify visual confluence across multiple conditions.
- Three customizable Trend Meters using MACD or RSI conditions
- Two Trend Bars tracking moving average crossovers and directions
- Wave Trend setup signals with trend filtering options
- Confluence detection when multiple trend meters align
Details
Published by
jubayernil on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Reads higher-timeframe data with lookahead on, so the history can show signals that were not there in real time
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Wave Trend Filtered by Trend | bool | true | WTSetups |
| All 3 Trend Meters Now Align | bool | true | TMSetups |
| Trend Meter 1 | string | MACD Crossover - Fast - 8, 21, 5 | TrendBar1 |
| Trend Meter 2 | string | RSI 13: > or < 50 | TrendBar2 |
| Trend Meter 3 | string | RSI 5: > or < 50 | TrendBar3 |
| Trend Bar 1 | string | MA Crossover | TrendBar4 |
| Trend Bar 2 | string | MA Crossover | TrendBar5 |
| Fast MA | int | 5 | MA1_Length |
| MA1_Type | string | EMA | MA1_Type |
| Slow MA | int | 11 | MA2_Length |
| MA2_Type | string | EMA | MA2_Type |
| Fast MA | int | 13 | MA3_Length |
Show all 15 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| MA3_Type | string | EMA | MA3_Type |
| Slow MA | int | 36 | MA4_Length |
| MA4_Type | string | SMA | MA4_Type |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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