BobRivera990

Indicator introduction: Auto Trendline & Breakout Alert

Education
NASDAQ:TSLA   Tesla, Inc
Note: This indicator will be published soon

In short, this indicator is a tool designed for different purposes:
1) Automatic drawing of trend lines
2) Classification of trend lines based on the reaction of price chart and trading volume
3) Receiving trend lines breakout alerts
4) Analyzing smaller time frames is time consuming and tedious, but this tool makes it easy. The following figure shows 2-H time frame:

How it works?

Trend lines are classified into 6 levels, of which only 3 are enabled by default.
Level 01 (Red Lines) is the strongest level. Therefore, the breakout of these lines is the most important signal of this indicator.

Volume verification helps you avoid fake Breakouts.
As you can see, both the labels and the table show the status of the trading volume when the lines breakout.
Trading volume is classified into 5 levels:
Over volume (confirmed ✅)
High volume (confirmed ✅)
Neutral
Low volume (potential fake breakout ❌)
Minor volume (potential fake breakout ❌)

This indicator can be used on both logarithmic and linear charts. (Scale in the settings menu can be changed from linear to logarithmic)

Finally, this indicator includes a trend line breakout alert and you can be notified wherever you are. you can add alerts to different charts and enter the market in the best conditions.

If you like it, please leave a comment.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.