Description:
The GoNoGo Trends indicator blends robust statistical tools into a simple color-coded bar chart of a security’s price according to the strength of its trend.
Input Parameters:
n/a
Legend
- Purple: Strong No-Go (Indicators contained within are flashing a strong ‘do not go long’ signal).
- Pink: Weak No-Go (Indicators contained within are flashing a weak ‘do not go long’ signal).
- Orange: Neutral (Mixed signal from indicators contained within, best to wait for more confirmation).
- Aqua: Weak Go (Indicators contained within are flashing a weak ‘do not go short’ signal).
- Blue: Strong Go (Indicators contained within are flashing a strong ‘do not go short’ signal).
Use Cases:
- Using Multiple Timeframes: One of the key factors when using this indicator is knowing the trend across multiple time frames. A setup might look enticing on a smaller time frame, but when you zoom out, you might find that the bigger time frame trend is counter to, or not quite as progressed as, the smaller time frame trend that you’ve identified.
- Identifying Trends: If it’s dark blue, known as a ‘Strong-Go’, this could mean price could has ability to trend higher. Conversely, if it’s the color purple, known as a ‘Strong No-Go’, this could mean the price has the ability to trend lower.
This feature can be used in:
- Charting Interface
Do you want to learn more? Check out our blogpost.