Clear trend identification is an important aspect of finding the right side to trade, another is getting the best buying/selling price on a pullback, retracement or reversal. Triple Ehlers Market State can do both.
Three is always better
Ehlers’ original formulation produces bullish, bearish and trendless signals. The indicator presented here gate stages three correlation cycles of adjustable lengths and degree thresholds, displaying a more refined view of bullish, bearish and trendless markets, in a compact and novel way.
Stick with the default settings, or experiment with the cycle period and threshold angle of each cycle, then choose whether ‘Recent trend weighting’ is included in candle colouring.
John Ehlers is a highly respected trading maths head who may need no introduction here. His idea for Market State was published in TASC June 2020 Traders Tips. The awesome interpretation of Ehlers’ work on which Triple Ehlers Market State’s correlation cycle calculations are based can be found at:
Bug fix on 'Recent trend weighting' bar conditions. Please ensure you update to this version.
ملاحظات الأخبار
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Alerts & (optional) test plots added
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'Any alert' added, as requested.
New theme also added.
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IMPORTANT: Much improved alerts remove false positives.
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New look 'n feel, for those of you who prefer green on top and red underneath. This may seem more logic, or fit in better visually with other oscillators you use.
Also, added visual signals by default, indicating trade direction position open and close.
Thank you for this indicator. Awesome work. Now three Ehler indicators are combined in one. Please add the "Any alert" function" so that all alerts can be set with one click.
alphaXiom
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@TomislavJemri, Thanks. I've updated the script for you. Is that what you mean?
TomislavJemri
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@alphaXiom, Yes, thank you very much. I appreciate that very much. It is very helpful.
franko1971
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Sorry to ask again. Is it possible to know which signal is triggered under the "Any alarm" function?
alphaXiom
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@franko1971, Yes, click on the indicator settings cog wheel. Under the Style menu, tick "Any alert test". White dots appear on the indicator showing the historic alert triggers.
@franko1971, Hey, check out the new update. The alerts have been vastly improved
Dangerwise
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i dont get it :S
Dangerwise
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@alphaXiom, awesome script though man well done and thanks!!
sal157011
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Very good interpretation. So, 3 Trends, Fast(circles) Medium(histogram) Slow(area), up(greenish) down(redish) retrace(orange), no signals no trend, but what does the "Recent trend weighting" button do?