Successful traders have always used trend strength and direction as a part of their trading analysis. This indicator finds anomalies in the Arps Trend Strength indicator (Radar3) to identify potential trend reversals and potential swing trades.
Radar 3 False ShowMe
A bullish setup is identified when the Arps Radar 3 Trend Strength indicator crosses below zero while still showing the color that identifies strength. At this point the Arps Radar3 False indicator will plot little crosses on the chart to alert you that the setup is forming. If the color does not change to weakness then a signal dot is generated when the length of the Radar3 histogram bars start to shorten and roll over back in the direction of bullishness. Conversely, a bearish set up is identified when Radar 3 crosses over the zero line while showing the color of weakness. The signal dot is again generated when the histogram bars start to shorten in the direction of bearishness.
A scanning version is available for TradeStation and MultiCharts. Please refer to the toolset product if you are interested in purchasing both the charting and scanning versions together. Scanning tools are not available for NinjaTrader at this time.
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