This is plots the indicator developed by Andrew Abraham
in the Trading the Trend article of TASC September 1998
in the Trading the Trend article of TASC September 1998
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// Copyright by HPotter v1.0 21/08/2014
// This is plots the indicator developed by Andrew Abraham
// in the Trading the Trend article of TASC September 1998
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study(title="Trend Trader", overlay = true)
Length = input(21, minval=1),
Multiplier = input(3, minval=1)
avgTR = wma(atr(1), Length)
highestC = highest(Length)
lowestC = lowest(Length)
hiLimit = highestC[1]-(avgTR[1] * Multiplier)
loLimit = lowestC[1]+(avgTR[1] * Multiplier)
ret = iff(close > hiLimit and close > loLimit, hiLimit,
iff(close < loLimit and close < hiLimit, loLimit, nz(ret[1], 0)))
plot(ret, color= blue , title="Trend Trader")