LonesomeTheBlue

Trend Lines Pro for Indicators

Hello Traders!

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, Trend Lines is very subjective and many people (even professionals) draw different Trend Lines 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 trend lines scripts. In this, I use channel idea so it can check number of pivot points it contains. it also checks the angle while choosing trend lines . then we get stronger and useful Trend Lines automatically.

There are some option in the script, let see one by one:

Indicator: the indicator on which you want to see Trend lines , Predefined Indicators are: RSI, CCI ( Commodity Channel Index ), OBV(On-Balance Volume ), Momentum, MACD , CMF ( Chaikin Money Flow ), External Indicator

External Indicator: with this option you can use other indicators as input and get trend lines for them.
- First add an indicator (such as MFI )
- in "Indicator" option select "External Indicator"
- click "External Indicator" option
- and choose the indicator from the list

Pivot Period: The Length to calculate Pivot 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 trend lines , there must be an angle between them to choose best trend lines . you can set the angle with this option.

Minimum Strength: there can be many trend lines but we need to choose/use stronger ones. with this option you can set the number of pivot points a trend channel have to contains. default value is 2

Maximum Loopback Length: by default the script can check 40 pivot highs and 40 pivot 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 Trendlines as: you can see trend lines as "Trendline", "Channel", "Trend Channel". you can see examples below.

Enable Weak Trend Lines: if there is no trend lines strong enough (as defined in "Minimum Strength" option) you have option to see a weak trend line . 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 trend lines . the example

Line Style: trend lines can be Solid or Dashed as you wish

Color theme: colors of the Up/Down Trend lines can be set. Red, Lime, Blue, White, Black, Olive, Gray

Indicator color: colors of the Up/Down Trend lines can be set. Red, Lime, Blue, White, Black, Olive, Gray and Yellow

and last options are for length options for RSI , CCI , Momentum, MACD , CMF

There are many alerts such: Support/Resistance Broken, Price in Support/Resistance channel, Support/Resistance line broken but still in a channel that means it broke S/R but there is another trend lines to break.

Below an example how the script uses external indicator as input and draws trend lines on it. in this example chaikin ossilator was added to the chart and get trend lines 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 trend lines in channels, that is the idea behind this trend lines script

An axample for trend lines for CCI:

Trend lines on OBV:

Trend lines on Momentum:

Trend lines on MACD:

Trend lines on CMF:

Different colors and line styles:


Please send me message for access and do not hesitate to ask your questions about this tool.


Enjoy!


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.
Release Notes: Added a short video about its usage:


Good Luck!
Release Notes: New Indicator "Cumulative Delta" was added!

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

Release Notes: Midline added to some indicators:
for RSI, added dashed line at level 50
for CCI and MFI and Momentum and MACD, added dashed line at level 0
Release Notes: Added new Indicators !
- Ultimate Oscillator
- Stochastic

Added "Hide Indicator Line"
Release Notes: Fixed.
Release Notes: New Updates:
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
Release Notes: New Updates:
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.
Release Notes: An issue with the arrays was fixed. New improvements and updates are on the way
Release Notes: Updates:
- The main algorithm and some functions improved
- Alerts were improved, now you will get more info from the alerts. for example when the support/uptrend line was broken, you will get Indicator level, broken support level, the current support and resistance levels if they exist. as an example you get alert like: "Support broken, Indicator: 45.09 support: 46.13 Current Support: 38.64, Current Resistance: 54.23"
where:
Indicator
: current indicator level
Support: broken support (broken uptrend line level)
Current Support: after support (uptrend) broken, the support level (if it exists)
Current Resistance: after support (uptrend) broken, the Resistance level (if it exists)

or you will get "Indicator went up from Support Channel, Indicator: 37.24 Support:35.54 Resistance: 67.29"
where:
Indicator:
current indicator level
Support: the support level from which Indicator started to move up
Resistance: the resistance level (if it exists)
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Comments

Hey Lonesome pls grant access ...Thanks
+11 Reply
Hi Sir,

As always a great script!

Could i ask you to grant me access for the Script?
+4 Reply
LonesomeTheBlue SelvamMadhavan
@SelvamMadhavan, please send me message
+1 Reply
tarunverma945 LonesomeTheBlue
@LonesomeTheBlue, PLZ ACCESS FOR THE SCRIPT
Reply
Keep an eye on you,Your script is great,I hope you can give me permission to view the script, thank you very much
+3 Reply
Hello 👋, how do I get access? Thanks
+2 Reply
Can i have access to this script? This looks amazing!
+2 Reply
As usual, one more great job. You are too awesome sir, I find a great fire and dedication in you. You are God sent for the trading community. Cant wait any more to access this. Regards
+2 Reply
@kvramana12, thanks a lot
+1 Reply
Hi Sirji.

Thanks for this wonderful tool.
+1 Reply
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