DOW Theory Price Action Multi-Time Frame

This indicator gives a visual representation of Dow Theory Price action based trend analysis and provides trader a table with 4 different timeframe to align with the trend.
It will help traders identify if it is an ongoing Impulse Wave or a Corrective Wave.

3 rules for Bullish Price Action setup (Uptrend or continuation of existing UpTrend): Denoted by 'U' below the candlestic
HH - Higher High
HL - Higher Low
CAH - Close above prior High

3 rules for Bearish Price Action setup (Downtrend or continuation of existing DownTrend): Denoted by 'D' below the candlestic
LH - Lower High
HL - LowerLow
CAH - Close below prior Low

Exception - Outside Candle: Denoted by 'OC' above the candlestic
Outside reversal is a two-day price pattern that shows when a candle or bar on a candlestick or bar chart falls “outside” of the previous day's candle or bar.

The table posistion can be set be user from the input settings as per his screen setting / resolution.
The trailing line can is also customizable from inputs, recomended value is 3-4.

Ideation Credits: Mr. Vineet Jain

Notas de prensa:

Fixed the code where it the trend was an existing trend was changing without a valid DOW Theory Price action condition becoming true.