I read somewhere that candles can easily confuse the eye, making it easy to lose focus. We get distracted by the size of the candle body and the candle's color without paying attention to its true range and how it compares to that of the previous candle.
With Up or Down? you get two signals. The blue arrow below lets you know that the candle's current low and high price are both higher than that of the previous candle -- the range is trending up. Conversely, the red arrow lets you know the low and high are both lower -- the range is trending down.
I designed it with pullbacks in mind. Determine the trend with your favorite indicator. Or use Up or Down? to give you an impression of it. A lot of blue arrows consistently rising broken up by only a few red arrows would indicate an uptrend. Then, wait for signals that don't fit the trend (ie, red arrows in an uptrend). Buy in at the first candle that confirms a return to the trend. (Your mileage may vary.)
I like the idea but you need more data points. I have done some testing with strength/resistance + volume profile. I will add to your script and get back to you after some testing. If my idea failed completely then I won’t reply back :-)
NorthStarDayTrading
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I would like to suggest changing the default location from "abovebar" and "belowbar", to "bottom". You will get all of the triangles lined up at the bottom of the chart for easy viewing, rather than mixed in with the candles. Just my 2 cents. :)