ChartArt

Market Trend Strength (MTS) (by ChartArt)

See the current trend strength of the market. An additional filter makes trend consolidation areas visible. The color changes there each bar back and forth between green and red.

This area was interesting. Would have been a better example:


If the filter is deactivated the indicator shows the last measured price trend (green for up and down for red).


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study(title="Market Trend Strength (MTS) (by ChartArt)", shorttitle="CA_-_MTS", overlay=true)

// Version 1.0
// Idea by ChartArt on June 3, 2015.
//
// This indicator is measuring if there are two
// consecutive higher or lower prices. Therefore
// it measures the trend strength of the market.
// 
// The additional filter shows the trend before
// the trend changed the last time. This filter
// makes consolidation areas without a trend visible.
//
// List of my work: 
// https://www.tradingview.com/u/ChartArt/

switch=input(true, title="Show consolidation areas? (The color changes there each bar)")
ShowConsolidation = 2

GetBgColor =	iff( (hl2 > hl2[1]) and (hlc3 > hlc3[1]) and (close > close[1])  and  (hl2[1] > hl2[2]) and (hlc3[1] > hlc3[2]) and (close[1] > close[2]), 1, 
	            iff( (hl2 < hl2[1]) and (hlc3 < hlc3[1]) and (close < close[1])  and  (hl2[1] < hl2[2]) and (hlc3[1] < hlc3[2]) and (close[1] < close[2]), -1, nz(GetBgColor[switch?ShowConsolidation:1], 0) ))

SelectBgColor = GetBgColor == -1 ? red: GetBgColor == 1 ? green: na

bgcolor(SelectBgColor, transp = 85)
Thanks a lot ChartArt for sharing
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Hey dude,

Hope you doing well, I was looking at your script and can't figure out what are you doing here, would you mind to explain it?

nz(GetBgColor, 0)

I see that if 'switch' variable is 'true' then you pass the ShowConsolidation variable '2' else a '1' . Are you accessing the previous values in GetBgColor by passing the number inside the square brackets? is GetBgColor a serie?

Thanks in advance!
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ChartArt dieggore
@dieggore,

This is a serie and the key is the "nz". But I can't tell you any more the though process behind this script, because it's 2 years ago that I coded it, sorry.
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