🤖 TailTrend

tailtrend — supertrend based baseline, which was initially designed to show general trend direction, but we have tuned it to the point where it became a quite good tool at identifying periods of time, where trend is quite strong in either bullish or bearish direction, which will be definitely of help to those, who use trend based strategies tailtrend is a trading system designed to help traders identify trends and potential trading opportunities by analyzing price action and market behavior it focuses on the "tails" of candlesticks (also known as wicks or shadows), which represent the highs and lows of price movements within a specific timeframe by examining these tails, tailtrend aims to provide insights into market sentiment, potential reversals, and trend strength show tailtrend toggles the visibility of tailtrend, an additional trend following filter show tailtrend's sweeps toggles the visibility of tailtrend's sweep, which appear as hollow triangle above/below price candles whenever tailtrend baseline is sweeped factor controls the sensitivity of tailtrend calculations the lower the factor, the lower the quality, but the more potential signals to enter or exit a position when factor <=1 when factor >=4 key features of tailtrend tail analysis tailtrend analyzes the length and position of candlestick tails to identify potential support and resistance levels long upper tails may indicate selling pressure, while long lower tails may suggest buying pressure trend identification the indicator helps traders determine the direction of the trend (uptrend, downtrend, or sideways) based on the pattern of tails over time reversal signals tailtrend can highlight potential trend reversals by detecting shifts in tail patterns, such as a series of long lower tails in a downtrend signaling a possible upward reversal customizable settings traders can adjust the sensitivity of the indicator to suit their trading style and timeframe visual alerts tailtrend often includes visual alerts or signals on the chart to notify traders of potential entry or exit points example strategy uptrend confirmation if tailtrend shows consistent long lower tails during an uptrend, it confirms strong buying pressure and suggests staying in the trade reversal setup in a downtrend, if tailtrend detects a series of long lower tails, it may indicate a potential reversal enter a long position once the price breaks above a key resistance level risk management use the tails as dynamic support/resistance levels to set stop loss and take profit orders tailtrend is a powerful tool for traders who rely on price action and candlestick patterns by focusing on the tails of candlesticks, it offers a unique perspective on market dynamics, helping traders make more informed decisions and improve their trading performance