OPEN-SOURCE SCRIPT
[blackcat] L3 Aroon Zone
Level 3
Background
The Aroon indicator developed by Tushar Chanand indicates whether there is a trend price or is located in a trading area.
Function
Classical Aroon can also show the beginning of a new trend, its strength and expectation of changes from trade areas to trends. However, it produces too much noise when is bull or bear during sideways. In this improved version, I use bars without "blur cross" to classify bull, bear and sideways, which could look better to know the status of current market.
Since Chinese uses red for bull, green for bear, while others use green for bull and red for bear, i try to avoid to use red or green, which may be confusing. I use my style of color for bull and bear:
Yellow --> Bull
Fuchsia --> Bear
Gray --> Sideways
Remarks
Feedbacks are appreciated.
Background
The Aroon indicator developed by Tushar Chanand indicates whether there is a trend price or is located in a trading area.
Function
Classical Aroon can also show the beginning of a new trend, its strength and expectation of changes from trade areas to trends. However, it produces too much noise when is bull or bear during sideways. In this improved version, I use bars without "blur cross" to classify bull, bear and sideways, which could look better to know the status of current market.
Since Chinese uses red for bull, green for bear, while others use green for bull and red for bear, i try to avoid to use red or green, which may be confusing. I use my style of color for bull and bear:
Yellow --> Bull
Fuchsia --> Bear
Gray --> Sideways
Remarks
Feedbacks are appreciated.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
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