Here’s another indicator by very popular request. It wasn’t until TOS included the new
fold function that I was able to properly implement it in thinkScript.
This is a modified Heikin-Ashi trend indicator made popular by John Carter and widely available across the internet for other platforms. First note that these are not Heikin-Ashi candlesticks themselves which are a built in option in TOS. Instead, this is the Heikin-Ashi coloring applied to regular candlesticks with a slight modification. The modification involves rejecting a change in the Heikin-Ashi trend when the bar in question is an inside bar; inside in the Heikin-Ashi sense. The user selects the period to look back for the inside bar comparison. Pictured below is the Trend indicator with blue as an uptrend and red as a downtrend. You have the option to display the rejected inside bars in a highlighted color as shown in the second image. The colors are fully user selectable using global defaults.