As TV doesn't provide a function to draw lines between points, I wrote a function to do this in one my own indicators.
The function itself however can be applied/modified for different use cases, eg. drawing .
In this (proof of concept) example I used it to draw lines based on past high/low .
The inputs required:
* an INPUT FUNCTION (in this form, its designed to work with functions that have occasional values and na-values between them, it then connects the non-zero values to form a line)
* a BOOL (to indicate if you want to draw only the rising or falling lines)
* a DELAY (in this case this is the lookback period for the pivot-points function, this is to compensate the calculation of the past and realtime points)
The function returns:
* the function to draw the extension from the BASE-LINE to the current time (here this is the connection of the last pivot-point to the current point to bridge the gap of the lookback period, this is NOT REALTIME!)
* the function to draw the extension for the current time (here this is the continuation of the line until a new pivot-point is valid, this is DRAWN IN REALTIME!!)
* the color of the lines (in this case the lines are only colored (lime or fuchsia) if they either go up or down, else they are invisible, this is to clean up the invalid lines)
these output functions can then simply be plotted using the 'plot' function.
* Added choice between colored or monochrome lines
* Added option to show only falling lines for "highs"-trendlines and rising lines for "lows"-trendlines or show all calculated lines
* Added switch between REGULAR and LOGARITHMIC SCALE trendlines !
Any suggestion? Feel free to share!!
* added option to extend the trendlines to the future (Beta: some gaps may appear,... still working on that ;-) ! )
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
A little tip is always nice!
I made this script because I wanted my RSI script to draw automatic trendlines and I made this specifically as a function that could be imported in any other script to fill a gap in the TV library, free for all to use, explore, improve upon,... in their scripts.
Not to scam unsuspicious people into paying hundreds of dollars.
- upper trendlines only point in a downwards slope ie the latest pivot is lower than the last
- Lower trendlines only point in an upwards slope ie the latest pivot is higher than the last
this change or the option for this change would make this script perfect for my use :)
Hi, alertconditions could be written, but is not really easy since there are a lot of lines the same time.
If I find some time, maybe I'll try to put some of the code from my RSI indicator (to detect the trendline breaks) in this code.
It's basically the same principle.