The TMA Slope oscillator is a simple slope of a Triangular Moving Average compared and normalized with the Average True Range of the last 100 periods (default setting).
This specific version add 2 triggers to give trading signals according to the slope:
- Above superior trigger, the trend is bullish, so trading is “Buy” - Below inferior trigger, the trend is bearish, trading is “Sell” - If the slope is included between these 2 levels, the market is probably ranging and no new orders should be initiated
This is a great script, simple but effective. Thank you for sharing! !
Drake2477
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is this analogous to best forexmethod (Darren) uses( PurePriceactionTrader - 19 Yrs Exp #3crSquad @BestForexMethod)
peterscottth
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@Drake2477, I think it could well be. I just recently found this Indi; I'm using it with the length set to 8 just as Darren does. So far it seems to be right when using it with the RSI HistoAlert set to 7.