This indicator tries to identify ranging and trending markets.
It measures the angle of a Moving Average in order to filter out ranging markets.
The idea is to only enter a trend following trade if the slope is steep enough.
In order to create this indicator, I used a strategy script from bennef called "Trend Angle BF" and slightly modified it to transform it from an entry/exit indicator to a filter.
The calculations are based on Evergrets "Jurik MA" and angle calculation by KyJ.
Hello there ,
can you please elaborate why do you divide by atr[14] in line 14?
thank you
ang=rad2degree*atan((_src[0] - _src[1])/atr(14))
avirub
⋅
@dinceremre, It is really strange, since dividing by ATR does not have any relation to angle calculation..
pgoo
⋅
@dinceremre, it allows you to compare apples with apples when looking at different products with different prices. A 0.5° angle on a curve where price is 50000 is a very different RR from a 0.5° angle when price is 1.
pgoo
⋅
@dinceremre Ignore previous comment. The division is part of the gradient calculation, rise over run. Rise = ma - ma (1 bar ago) then he's dividing by the 14 bar atr as the 'run'. Moderator please delete previous comment.
bennef
⋅
Looks good - I like the idea of being able to adjust the filter lines so you can determine at what steepness you enter.
fck29
⋅
Thank you so much my friend for this great indicator. Jut let me ask you a favor, could please add some code to send any alert when the indicator change the color to short or long, i think that would great my friend.
self2point0
⋅
hey.great script. thank you. I'm wondering if you can help me with this: trying to create a script to plot teh slope of this McGinley Dynamic... would like it to display green if slope is up, and red if slope is down... I can' seem to get it to work. Here's the script. Thanks in advance for any guidance. cheers:
can you please elaborate why do you divide by atr[14] in line 14?
thank you
ang=rad2degree*atan((_src[0] - _src[1])/atr(14))