The Chartmill Trend Indicator indicates whether a trend is positive, negative or neutral. The indicator is available in our charts as an overlay or as a standalone indicator. Originally the indicator was intented to indicate the long term trend and was intended to be used in the weekly timeframe. But, it can be used in other timeframes as well.
You can add the overlay to your chart by selecting the "ChartMill Trend Overlay" from the chart overlay indicators. The overlay will be colored green when the trend is positive, red when it is negative or grey when it is neutral.
You can add the indicator to your chart by selecting the "ChartMill Trend Indicator" from the chart indicators.
The standalone indicator has a value 1 for a positive trend, -1 for a negative trend or 0 for a neutral trend. The same color code is used in the standalone indicator. The indicator is meant to be used on a weekly time frame and measures the long term trend. It can also be used in the daily time frame to indicate shorter term trends.
The distinction between positive, negative or neutral is made by comparing the price to the position of the 30 week exponential moving average (30 EMA):
On the chart you can see that