Add Current Trend Label
Adds a label on the chart displaying current market trend with appropriate color coding.
Add a visible label on the chart to display the current trend based on the calculated `trendNow`. This label should update on every bar to reflect the latest trend state and should display 'Bullish Continuation' if the trend is bullish, 'Bearish Continuation' if bearish, or 'Neutral' if neither. The label's color should correspond accordingly: green for bullish, red for bearish, and gray for neutral. Position this label clearly on the chart, for example near the latest bar's high price, ensuring it does not obstruct key chart visuals.
Steps:
1. Use the existing `trendNow` and `trendText` variables to determine the label's text and color.
2. On every bar, create or update a label anchored to the latest bar's position (e.g., `bar_index` and `high` price level).
3. Assign the label's text to `trendText`.
4. Assign the label's color based on `trendNow` (green for 1, red for -1, gray for 0).
5. Ensure the label updates on every bar to reflect real-time changes.
6. Avoid cluttering by deleting older trend labels if necessary.
Output Format:
Provide the Pine Script v6 code snippet that adds this current trend label feature, clearly commented and compatible with the existing script. The snippet must define variables, create or update the label, and assign proper colors and text.
Example snippet:
```pinescript
var label trendLabel = na
// Remove the previous label if exists
if not na(trendLabel)
label.delete(trendLabel)
// Create new label with current trend
trendLabel := label.new(bar_index, high, trendText,
color = trendNow == 1 ? color.green : trendNow == -1 ? color.red : color.gray,
style = label.style_label_left,
textcolor = color.white,
size = size.normal)
```
Notes:
- Place this code block toward the end of the script to ensure all required variables are computed.
- Adjust label position (horizontal and vertical) as needed for clarity and visibility.
- The label should be updated with each new bar to display the current trend accurately.
Created: 7/9/2025
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