This script determines, plots and alerts on probable trend initiation and continuation points, using tenkan-sen(conversion line of ), kijun-sen(baseline of ) and , for 1 H SPX .
New long/short trend initiates when prices cross above/below kijun sen. The trend continues when prices cross above/below tenkan-sen or crosses up/down its signal line, while prices are above/below kijun-sen.
It is good to take partial profit between 10-15 points gain and trail the left with stops below kijun-sen line.
While placing the order, using 2-3 points buffer above/below of signal bars is recommended. Additionally, please be careful about clouds and do not place long/short orders below/above clouds.
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.