All markets either trend up, down or consolidate and knowing this will help you to be on the same side with the majority and increases your success odds significantly.
There are different ways to classify an asset price action as up, down or consolidation and some traders prefer to use the naked price action and some others use different types of indicators and methods, the Trend Dash indicator uses the sum of x previous bars moving average slope to identify the direction of the trend.
It sums up x previous bars moving average slope values and then checks if the last bar is above or below the moving average if the slope sum was greater than zero and the last bar close was above moving average then it’s an uptrend and vice versa for the downtrend.
If the slope sum was greater than zero but the last bar close was below moving average then the indicator considers it as consolidation or neutral condition and same if slope sum was lower than zero and the last bar close was above moving average.
You can set the moving average type and periods, the indicator only has a look back parameter which is the number of x previous bars moving average slope that will be summed up by indicator.
- You can select up to six different time frames
- Shows all time frames trend direction on a single vertical line
- Being able to change the location and color of indicator output text
- Included the MA Slope Trend indicator which is used inside Trend Dash indicator for identification of trend direction