OPEN-SOURCE SCRIPT
Updated Triple Ehlers Market State
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:
https://tradingview.sweetlogin.com/script/wyyXKHDn-Correlation-Cycle-CorrelationAngle-Market-State-John-Ehlers/
DISCLAIMER: None of this is financial advice.
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:
https://tradingview.sweetlogin.com/script/wyyXKHDn-Correlation-Cycle-CorrelationAngle-Market-State-John-Ehlers/
DISCLAIMER: None of this is financial advice.
Release Notes
Bug fix on 'Recent trend weighting' bar conditions. Please ensure you update to this version.Release Notes
Alerts & (optional) test plots addedRelease Notes
'Any alert' added, as requested.New theme also added.
Release Notes
IMPORTANT: Much improved alerts remove false positives.Release Notes
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.