Trend-following Slope Direction Line / Moving Average confirmation bars signal indicator is an equivalent of Slope Direction Line / Moving Average confirmation candles indicator. It compares direction of two moving averages: Moving Average and Slope Direction Line and displays colored signal pointers in a separate window. Their colors correspond to the match/mismatch of Slope Direction Line and Moving Average lines direction.
It has six input parameters:
MA period - Moving Average calculation period
MA method - Moving Average calculation method
MA applied price - Moving Average calculation price
SDL period - Slope Direction Line calculation period
SDL method - Slope Direction Line calculation method
SDL applied price - Slope Direction Line calculation price
If Moving Average and Slope Direction Line are directed upwards:
the green signal pointer is set
If Moving Average and Slope Direction Line are directed downwards:
the red signal pointer is set
In any other case, the gray signal pointer is placed.
Slope Direction Line indicator is not required - it is calculated by the indicator independently.
Fig. 1. Slope Direction Line / Moving Average confirmation bars
Fig. 2. Slope Direction Line / Moving Average confirmation bars + Slope Direction Line / Moving Average confirmation candles