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ORTI Double Trend Cloud (Static Timeframe Multi-Period)

The "ORTI Double Trend Cloud (Static Timeframe Multi-Period)" is public script, based into an existing study named "ORTI Trend Cloud", but with some better functions about time frame and its measurement. As a redesigned and recalculated set of the common plotted average of Supports and Resistances of a certain period, a double trend-following indicator that shows the relationship between a security’s price and their upper and lowest prices, between two determinate measurements.

The cherry on the top, for this version: is when you want to get a predetermined count in a natural “units of time" as minutes, hours or days, in any graph you could get a static average, and this count will be automatically respected. For example, an average could be configurated to know a trend per day, week or month... or whatever comes to mind, and at every single chart that you move through (5m, 15m, 1h, 4h, etc), you will see the same average to make your own "trend analysis" into a micro/macro market view.

The "ORTI Double Trend Cloud" is an indicator formed by an average between the upper and lower levels around the price bars. The upper level marks the highest price of an issue for “n” periods while the lower level marks the lowest price for “n” periods. The Average between the upper and lower levels represents the "ORTI Double Trend Cloud", with a background area with two different colors: green if it suggests a bullish trend , or red if it suggests a bearish trend .

The "ORTI Double Trend Cloud" is the tan shaded area bounded by the bullish green line and the bearish red line, both of which use its measurement as the band construction period. As price moves up to its highest point in its measurement, the price bars “push” the green line higher and as price goes down to its lowest point in its measurement, the price bars “push” the red line lower. When price decreases for its measurement from a high, the basis line will turn from green to red (and vice versa) and then start dropping its measurement or growing in case tur green. Conversely, when price rises from a low for its measurement, the red line will be horizontal for its measurement and then start rising.

Usually, most Traders use “Moving Averages” to identify commercial areas and analyze markets. A “Moving Average” helps the Trader isolate the trend a lot and can also indicate when a trend may be receding. The importance of using any kind of “Moving Averages”, becomes a reality and reveals the average price of a marketable instrument in each period of time.

However, there are different ways to calculate the averages, and that is why there are different types of “Moving Averages”. They are called "in motion" because, as the price moves, new data is added to the calculation, thus changing the average.

For more technical information: Investopedia

Note: The previous calculation example is not the default, the parameters can be adjusted according to the criteria of the merchant.
Notas de prensa: Bug fixed!
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Este script se publica con código cerrado y puede usarlo libremente. Puede marcarlo como favorito para utilizarlo en un gráfico. No puede ver ni modificar su código fuente.
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Comentarios

Does this indicator repaint?
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ortiemm uorgun
@uorgun, yes.
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