capissimo

Efficient Trend Step Mod (v.3)

capissimo Updated   
This is a version 3 of my mod of the script by alexgrover - Efficient Trend Step.

The logic is based on calculation of Kaufman's efficiency ratio (ER):

ER = Direction / Volatility
where:
Direction = ABS (Close – Close)
Volatility = n ∑(ABS(Close – Close))
n = The efficiency ratio period.

This version features volatility and volume filter and custom performance module.
Release Notes:
Rebrush of the script logic.
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.

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