Half trend Indicator

[myalgomate]

Can we add half trend indicator to our library..?

[DaveSkender]

We can certainly take a look at it. I may have reviewed this one in the past and decided against it for some reason (I don't remember why).
Send over any links to information if you have anything from original authors or other reputable sources.

[myalgomate]

hi @DaveSkender ,

hope you are doing well. Can we please add this half trend indicator.

I got below pine script reference `//@Version=4
// Copyright (c) 2021-present, Alex Orekhov (everget)
study("HalfTrend", overlay=true)

amplitude = input(title="Amplitude", defval=2)
channelDeviation = input(title="Channel Deviation", defval=2)
showArrows = input(title="Show Arrows", defval=true)
showChannels = input(title="Show Channels", defval=true)

var int trend = 0
var int nextTrend = 0
var float maxLowPrice = nz(low[1], low)
var float minHighPrice = nz(high[1], high)

var float up = 0.0
var float down = 0.0
float atrHigh = 0.0
float atrLow = 0.0
float arrowUp = na
float arrowDown = na

atr2 = atr(100) / 2
dev = channelDeviation * atr2

highPrice = high[abs(highestbars(amplitude))]
lowPrice = low[abs(lowestbars(amplitude))]
highma = sma(high, amplitude)
lowma = sma(low, amplitude)

if nextTrend == 1
maxLowPrice := max(lowPrice, maxLowPrice)

if highma < maxLowPrice and close < nz(low[1], low)
	trend := 1
	nextTrend := 0
	minHighPrice := highPrice

else
minHighPrice := min(highPrice, minHighPrice)

if lowma > minHighPrice and close > nz(high[1], high)
	trend := 0
	nextTrend := 1
	maxLowPrice := lowPrice

if trend == 0
if not na(trend[1]) and trend[1] != 0
up := na(down[1]) ? down : down[1]
arrowUp := up - atr2
else
up := na(up[1]) ? maxLowPrice : max(maxLowPrice, up[1])
atrHigh := up + dev
atrLow := up - dev
else
if not na(trend[1]) and trend[1] != 1
down := na(up[1]) ? up : up[1]
arrowDown := down + atr2
else
down := na(down[1]) ? minHighPrice : min(minHighPrice, down[1])
atrHigh := down + dev
atrLow := down - dev

ht = trend == 0 ? up : down

var color buyColor = color.blue
var color sellColor = color.red

htColor = trend == 0 ? buyColor : sellColor
htPlot = plot(ht, title="HalfTrend", linewidth=2, color=htColor)

atrHighPlot = plot(showChannels ? atrHigh : na, title="ATR High", style=plot.style_circles, color=sellColor)
atrLowPlot = plot(showChannels ? atrLow : na, title="ATR Low", style=plot.style_circles, color=buyColor)

fill(htPlot, atrHighPlot, title="ATR High Ribbon", color=sellColor)
fill(htPlot, atrLowPlot, title="ATR Low Ribbon", color=buyColor)

buySignal = not na(arrowUp) and (trend == 0 and trend[1] == 1)
sellSignal = not na(arrowDown) and (trend == 1 and trend[1] == 0)

plotshape(showArrows and buySignal ? atrLow : na, title="Arrow Up", style=shape.triangleup, location=location.absolute, size=size.tiny, color=buyColor)
plotshape(showArrows and sellSignal ? atrHigh : na, title="Arrow Down", style=shape.triangledown, location=location.absolute, size=size.tiny, color=sellColor)

alertcondition(buySignal, title="Alert: HalfTrend Buy", message="HalfTrend Buy")
alertcondition(sellSignal, title="Alert: HalfTrend Sell", message="HalfTrend Sell")
`

[DaveSkender]

I’ll try to look at this at some point. As a general rule, we rarely add random community contributed indicators unless we can attribute it as a longtime classic or to a reputable published author who can explain the mathematical rationale.

This one may pass the “classic” test since it’s so popular, but I’d need to do some investigating to discover provenance. Sometimes popularity is due to short-term promotion by “influencers” chasing clicks, and aren’t really valuable for us to add with a longer view.

In any case, since I have many other items to do before reviewing this further, it’s probably a good candidate to create as your own custom indicator, if you need it sooner.