The MTP Trend script gives an easy to understand guide to the direction of the larger degree trend. Blue for up, Grey for neutral and Red for down. The colours are plotted on a 5/34 oscillator. The script is calculated using the position of the market relative to the MTP DP levels using the Major swings on the current Chart. It is the colour of the indicator that is important, not its level above or below the 0 line. It is designed to be used in conjunction with the MTP Decision Point (DP's) on the higher time frame chart. For more information on the MTP DP levels, please visit the publication of the MTP DP script.
The script also contains the MTP strength bands (these are the grey lines on the indicator), which are used for deciding whether to run your position using an trailing stop. When the Market is “strong” (MTP Trend indicator is beyond the grey strength band) as the market reaches its projected Profit target, then the trader should consider swapping to a trailing stop to look to run their position further.
There is a risk in Trading and Investing. Losses can and will unfold.
The script is available as an “invite-only” script, as part of the MTPredictor suite of tools on Trading View.
To obtain access, please go to the web page in our signature that appears below.
Versionshinweise
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This new version has been rewritten from the ground up to take advantage of the new features that are available in Pine Script v5, as well as their new Library functions. This increases efficiency of the scripts and as such increased reliability.
Current users upgrade instructions: Please remove the old script and then add this new one onto all of your Charts, to update to the latest version.