AlphaTrend - Screener

The AlphaTrend - Screener tool provides a multi-asset dashboard that monitors trend direction and signal duration for up to 20 user-defined tickers simultaneously using the AlphaTrend algorithm.

Usage

The Usage section describes how the script can be used to track market trends across various asset classes such as stocks, crypto, and commodities. The indicator visualizes trend states directly on the chart and through a dashboard panel.

• Trend Identification: A Buy (Long) signal is generated when the AlphaTrend line crosses above its 2-bar offset line. Conversely, a Sell (Short) signal is generated when the AlphaTrend line crosses below its 2-bar offset line.
• Screener Panel: The panel displays tickers in green for uptrends and red for downtrends. A number in parentheses next to the ticker indicates the bar count since the most recent signal (e.g., "BTCUSDT [3]" in green signifies an uptrend began 3 bars ago).
• Calculation Adjustments: The algorithm defaults to using the Money Flow Index (MFI). For markets without volume data, users should enable the "Change Calculation" setting to switch to an RSI-based calculation.

Details

The AlphaTrend algorithm utilizes a combination of Average True Range (ATR) and momentum oscillators (MFI or RSI) to create a trailing stop-style trend line. The script execution involves:

• AlphaTrend Line: Constructed using a multiplier applied to the ATR, which is then filtered by the oscillator's position relative to its midpoint (50).
• Offset Comparison: The logic compares the current AlphaTrend value against its value from two bars prior to determine crossovers and trend shifts.
• Multi-Symbol Data: The screener utilizes request.security to fetch data for up to 20 different symbols and timeframes, allowing for comprehensive market oversight from a single chart.

Settings

AlphaTrend

• Source: Determines the input data used for calculations (default is Close).
• Length: Sets the period for the ATR, MFI, and RSI calculations.
• Multiplier: The coefficient applied to the ATR to determine the distance of the AlphaTrend line from the price.
• Change Calculation (No Volume Data): When enabled, replaces the Money Flow Index with the Relative Strength Index for trend filtering.
• Show Signals: Toggles the visibility of buy and sell signals on the primary chart.

Screener

• Show Label: Toggles the visibility of the screener dashboard.
• Horizontal/Vertical Axis: Adjusts the position of the screener panel on the chart.
• Label Size: Changes the text size of the dashboard information.
• Colours: Customizes the colors used for bullish and bearish trend indications in the panel.

Symbols

• 01-20 (Checkbox): Enables or disables the specific slot in the screener.
• Timeframe: Allows users to set a specific timeframe for the individual symbol being screened.
• Symbol: Defines the specific ticker (e.g., BINANCE:BTCUSDT) to be monitored.

FAQ

How do I interpret the numbers in the screener? The numbers in brackets represent the "Bars Since" the last trend change. This helps traders identify how mature a trend is or if a signal has just triggered.

Why are some tickers showing a grey square? A grey square indicates that the trend state is neutral or that the data for that specific symbol could not be retrieved.

How do I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.