Urika Trend Strength For ThinkOrSwim

[ApoZee]

I developed this indicator. I hope it will be beneficial to many of you.

Description:
The red and green lines are for directions of the ticker. Green on top means long and red on top means short.

The yellow line determines the strength of the trend. A strong trend is when the yellow line is in between the red and green lines.

A weak trend or consolidation is when the yellow line is below the red and green lines. The intertwist between the lines also indicates a weaker trend or consolidation.

################
#Created by Zurika
#Also available on tradingview: https://www.tradingview.com/v/rXz8C3C5/
################

declare lower;

#inputs
input length = 20;
input multiplier = 2;
input source = close;
input maAvg = averageType.SIMPLE;
input showBreakoutSignals = yes;

#direction determination
def basis = movingAverage(maAvg, source, length);
def topBand = basis + multiplier * StDev(source, length);
def bottomBand = basis - multiplier * StDev(source, length);

#developing lines
def strength = AbsValue((source - basis) / (multiplier * StDev(source, length)));
def toShort = AbsValue((source - topBand) / (multiplier * StDev(source, length)));
def toLong = AbsValue((source - bottomBand) / (multiplier * StDev(source, length)));

#plotting lines
plot strLine = strength;
strLine.SetDefaultColor(GetColor(4));

plot longLine = toLong;
longLine.SetDefaultColor(GetColor(6));

plot shortLine = toShort;
shortLine.SetDefaultColor(GetColor(5));

#signal
plot UpSignal = if longLine crosses above shortLine then shortLine else Double.NaN;
plot DownSignal = if longLine crosses below shortLine then shortLine else Double.NaN;

UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

 

[FTM222]

@ApoZee Thank you for the indicator. Looks good!

 

[raymasa]

Looks interesting. Thank you for sharing. Is there a way to use this to scan for trending stocks?

 

[Chyndonax]

Love this indicator. Makes seeing trend direction and strength a snap and it has pretty good accuracy. Will trade with it this week on the 15 minute and see how it goes. Thanks!

 

[ApoZee]

Looks interesting. Thank you for sharing. Is there a way to use this to scan for trending stocks?

You can set a scanner for different time frames using the indicator.

 

[babibbs]

Thanks for this indicator, truly helps with judging the strength of a trend!