Time Segmented was originally ported to TradingView by user @liw0 and later corrected by user @vitelot. I never quite understood how to read Time Segmented until I ran across a version by user @storma where they indicated when price would be long or short, but that code also utilized the incorrect calculation from user @liw0.
In an effort to make Time Segmented more accessible and easier to read, I have re-coded it here. The calculations are based on the code from @vitelot and I have added direction indicators below the chart.
If the histogram (TSV) is greater than zero and greater than the moving average, price should be moving long and there will be a green box below the chart.
If TSV falls below the moving average while still being greater than zero, the trend may be exhausting and has been coded to read Price Action Long - FAILURE with a black x below the chart.
If the histogram (TSV) is less than zero and less than the moving average, price should be moving short and there will be a red box below the chart.
If TSV rises above the moving average while still being less than zero, the trend may be exhausting and has been coded to read Price Action Short - FAILURE with a black x below the chart.
At times, the moving average may be above zero while TSV is below zero or vice versa. In these situations the chart will indicate long or short based on whether or not TSV is greater or less than zero. It is possible a new trend may be forming as the moving average obviously lags, but also possible price is consolidating with little and causing TSV to oscillate close to zero.
More information regarding Time Segmented can be found here: http://www.worden.com/TekeChartHelp/Cont... htm
Original code ported by @liw0
Corrected by @vitelot
Updated/Enhancements by @eylwithsteph with inspiration from @storma
As always, trade at your own risk.
Hope this helps!
I could be wrong, maybe there is a subtlety lost on me but this TSV is about the same, if not worse, than a PSAR or its cousins like CM PSAR.
I find TSV far more interesting for exits than entries, but with the right settings it could be useful for both. I personally don't believe you should ever rely on one indicator to determine whether you enter a trade, otherwise they will ALL whipsaw you back and forth to some degree.
Best is to simply throw all of these "reasonable" indicators into a machine learning model, and let it figure out and show strong correlations. But that is another project altogether :(
Again, thank you for your work.