ZTLs Bar_Trend — Indicator by Zack_The_Lego

trendtrading TTM

Here is an adaptation of TTM_Trend I coded. It's all pretty self explanatory. Aqua = buy and red = sell.
There's only one setting to tweak and it's the look-back for highest and lowest.
I have found that this indicator gives signals at almost identical areas to the TTM_Trend but tend to actually be a little more efficient (earlier buy/sell signals), although I haven't thoroughly back-tested it.

Enjoy!
Please comment below if you have any questions.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

study("ZTLs Bar_Trend", overlay=true)
//Adapted from TTM_Trend by Zack_the_Lego
lookback=input(6, defval=6, minval=1, title = "Bar Range")
barhigh= highest(lookback)
barlow = lowest(lookback)

avgprice= sma(close, 5)
half = (barhigh[1]-barlow[1])/2
range = barhigh[1]-half
barcolor = hl2 >= range ? aqua : red
barcolor(barcolor)