We need to make things better & better to solve the puzzle and I try to do my best on this way. now I am here with my new Trend Lines Pro for Indicators script.
As you know, is very subjective and many people (even professionals) draw different on the same chart. This is confusing and there must be an automation to make the life easer. with this tool I tried to automate it.
The idea in this script is different from my previous scripts. In this, I use channel idea so it can check number of it contains. it also checks the angle while choosing . then we get stronger and useful automatically.
There are some option in the script, let see one by one:
Indicator: the indicator on which you want to see , Predefined Indicators are: RSI, ( ), OBV(On-Balance ), Momentum, , CMF ( ), External Indicator
External Indicator: with this option you can use other indicators as input and get for them.
- First add an indicator (such as )
- in "Indicator" option select "External Indicator"
- click "External Indicator" option
- and choose the indicator from the list
Pivot Period: The Length to calculate Highs/Lows
Threshold Rate: This rate is used for channel width. it you give bigger numbers then you get bigger channels. it's 4 by default
Minimum Angle Rate for new Trendline: if there are different , there must be an angle between them to choose best . you can set the angle with this option.
Minimum Strength: there can be many but we need to choose/use stronger ones. with this option you can set the number of a trend channel have to contains. default value is 2
Maximum Loopback Length: by default the script can check 40 highs and 40 lows but to make the script faster and useful I needed to add a limitation for the number of bars that the script can go back.
Show as: you can see as "Trendline", "Channel", "Trend Channel". you can see examples below.
Enable Weak Trend Lines: if there is no strong enough (as defined in "Minimum Strength" option) you have option to see a weak . that is useful sometimes. if you enable this option weak lines are shown as dotted lines.
Show Price Labels on Trendlines: the script can show the price levels to break . the example
Line Style: can be Solid or Dashed as you wish
Color theme: colors of the Up/Down can be set. Red, Lime, Blue, White, Black, Olive, Gray
Indicator color: colors of the Up/Down can be set. Red, Lime, Blue, White, Black, Olive, Gray and Yellow
and last options are for length options for , , Momentum, , CMF
There are many alerts such: Broken, Price in channel, line broken but still in a channel that means it broke S/R but there is another to break.
Below an example how the script uses external indicator as input and draws on it. in this example chaikin ossilator was added to the chart and get for it. (I am going to make a short video about it)
An example of Trend Channel is below. when you use trend channel option you can get "big picture" of whats going on
An example for in channels, that is the idea behind this script
An axample for for CCI:
Different colors and line styles:
Please send me message for access and do not hesitate to ask your questions about this tool.
DISCLAIMER: No sharing, copying, reselling, modifying, or any other forms of use are authorized for our documents, script / strategy, and the information published with them. This informational planning script / strategy is strictly for individual use and educational purposes only. This is not financial or investment advice. Investments are always made at your own risk and are based on your personal judgement. I am not responsible for any losses you may incur. Please invest wisely.
Cumalative Delta indicator: Delta is the difference between buyers and sellers. Cumulative Delta (Volume) is the cumulative sum of the difference between buyers and sellers
for RSI, added dashed line at level 50
for CCI and MFI and Momentum and MACD, added dashed line at level 0
- Ultimate Oscillator
Added "Hide Indicator Line"
Update: Improved algorithm to make it faster
Update: Some functions was improved
Update: Using Arrays in the script (Thanks to Pine Team for adding Arrays)
Update: Pivot Points are shown as arrows instead of H/L letters
Update: Color limitation is removed, so you can choose any color for trend lines
Update: No color limitation for Indicator line, any color can be set
Update: Now you will get Closing price and broken support/resistance levels the Alerts. as an example: you will have alerts like "Support Broken, Indicator: 45.32 Support: 46.27", where, Indicator => Indicator value, Support => Broken S/R level
Update: Following Alerts Removed: Because there are alerts when support/resistance levels broken and when Price in Support/Resistance
"Support Broken but still in channel"
"Resistance Broken but still in channel"
Fixed: if the number of total candles was less than 300 then there was no trend lines. now it can draw trend lines if number of PPs is enough to draw trend lines
Update: Alerts improved
Update: Added two new Alerts!
--------> "Price went up from Support Channel"
--------> "Price went down from Resistance Channel"
Price sometimes enters into Support/Resistance channel and it may break it or it may have reversal. when you got one of these new alerts, price may have reversal soon. I recommend you to use "Once Per Bar Close" option in the alerts. I also recommend you to use same option for Support/Resistance broken alerts.