Trend Looper (Tradingview)

How to Use the Trendlooper Indicator on TradingView

Step-by-Step Guide

• Add the Script to Your Chart
• • Open TradingView and navigate to a chart of your choice.
  • Click on the “Pine Editor” tab at the bottom of the page.
  • Copy and paste the Trendlooper script into the Pine Editor.
  • Click “Add to Chart” to apply the script.

• Customize Input Parameters

  • The script allows the customization of this settings:
    • Tenkan-Sen (Conversion Line)
      • tenkan_len: The period length for Tenkan-Sen.
      • tenkan_mult: The multiplier for ATR calculation in Tenkan-Sen.
    • Kijun-Sen (Base Line)
      • kijun_len: The period length for Kijun-Sen.
      • kijun_mult: The multiplier for ATR calculation in Kijun-Sen.
    • Senkou Span B
      • spanB_len: The period length for Senkou Span B.
      • spanB_mult: The multiplier for ATR calculation in Senkou Span B.
    • Displacement
      • offset: The forward displacement for Senkou Span A and B.

• Interpreting the Indicator

  • Tenkan-Sen and Kijun-Sen

    • These lines are used to identify short-term and medium-term trends.
    • Crossover Signals:
      • Bullish Crossover: When Tenkan-Sen crosses above Kijun-Sen, it suggests a potential buy signal.
      • Bearish Crossunder: When Tenkan-Sen crosses below Kijun-Sen, it suggests a potential sell signal.

  • Senkou Span A and B (Cloud)

    • The area between Senkou Span A and Senkou Span B forms a cloud that helps identify future support and resistance levels.
    •  
      • Cloud Color:
        • Green Cloud: Indicates a bullish trend when Senkou Span A is above Senkou Span B.
        • Red Cloud: Indicates a bearish trend when Senkou Span A is below Senkou Span B.
      • Cloud Thickness: Thicker clouds indicate stronger support/resistance levels.

  • Chikou Span (Lagging Line)

    • Although hidden by default, Chikou Span can be enabled for additional confirmation.
    • It helps identify the overall trend by comparing the current closing price with past prices.

• Applying the Indicator in Trading

  • Trend Identification: Use the color and position of the cloud to determine the overall trend. Trade in the direction of the trend for higher probability setups.
  • Entry Points:
    • Look for bullish crossovers (Tenkan-Sen above Kijun-Sen) to enter long positions.
    • Look for bearish crossunders (Tenkan-Sen below Kijun-Sen) to enter short positions.
  • Exit Points:
    • Consider exiting long positions when a bearish crossunder occurs.
    • Consider exiting short positions when a bullish crossover occurs.
  • Support and Resistance: Use the cloud as dynamic support/resistance levels. Prices above the cloud indicate support, while prices below the cloud indicate resistance.