Slope Direction Line is a Client Side VTL Indicator. It shows the slope direction of price moves. Slope is a statistical measure showing the angle of price moves. The indicator plots a line showing the slope of the price move in last ten bars by default. When the line color is white, the trend direction is up and red line indicates down trend. This is useful in identifying trend direction automatically. The change in slope direction can be used as entry signals in trading. It can be used as trend filter in trading systems also. When a persistent uptrend or down trend is identified by the slope direction line, by the slope direction remains in the same direction for a few bars, traders can expect continuation of price move in that direction and can open new positions. Exits can be made when the slope direction changes.
The indicator can be customized through the parameters. To change parameters, open the script in VTL editor. Parameters are located at the top of the script and well documented. Available options are slope calculation period, moving average type to use in slope calculation and price filed to apply the slope calculation.
slope_direction_line.zip (3.01 KB)