Auto TrendLines and Support Resistance - Ultimate [Trendoscope]

Trendoscope Wizard Updated   
Have been working on this script from sometime. Thought it would be right time to publish this now :)
This is enhanced and combined version of two open source scripts.


⬜ Major Enhancements to open source
▶ Concept of drawing trendlines remains same. But, logic has been altered to allow considering existing trendlines before scanning new one and also finding the strongest of all.
▶ Strength of trendlines now takes more factors into consideration such as weightage of each candles from two points with respect to a given trendline.
▶ Angle of the trendlines are calculated and considered for determination of overall trend.
▶ Trendlines come with invalidation point and trend definition also can be based on single trendline instead of multiple ones.
▶ Improved divergence and based support/resistance calculations which yield less but more significant levels.

⬜ Components
Below are the summary of indicator components

⚪ Trend Lines Summary Widget
This can have up-to 4 types of trend lines.
  • Uptrend Lower pivot based
  • Uptrend Higher pivot based
  • Downtrend Lower pivot based
  • Downtrend Higher pivot based

Direction of the lines dependent on slope of the trend as well. If angle is not steep, the trend lines are considered as neutral. Meanwhile, trend lines which are too steep are also ignored. Angle calculation depends on the ATR and Angle loopback input parameters which can be altered. Also TrendLines with negative Line strength or formed way too back are ignored based on the settings. Hence, it is perfectly normal to have less than 4 trend lines on charts at times.

⚪ S/R Summary Widget
This widget has been used in other indicators. Notations are same though there are logical improvements to derive only the high impact levels.

⬜ Settings

⚪ Trend Detection Settings
These are the settings used for scanning the trend lines. Summary of these settings are as below:

⚪ Pattern Detection Settings
The pattern detection settings help identify overall trend pattern and status based on the combination of higher and lower pivot trend lines.

Important bit here is the Sort Order which impacts the identification of overall trend. Available types are:

  • Distance : Sort based on distance from close price
  • LineStrength : Sort based on line strength of the trend line
  • Latest : Sort based on when the trend lines are formed.

⚪ Support/Resistance Settings
Base settings for calculating divergence based Support/Resistance.

⚪ Widgets
Widgets settings allow users to control display of Trend Lines and S/R summary widgets.

⚪ Alerts
Below are the settings for configuring alerts.

Alerts are formatted in Json for easier consumption via web-hook.

Release Notes:
V1.2 Minor updates

  • Updated library references
  • Added styling options

Release Notes:
V 1.3 Updates

Fully customisable alerts where alert template can be defined by the users in settings.

Alert parameters are defined below:
Generic parameters
{type} - alert type
{ticker} - Ticker information
{timeframe} - Timeframe information
{price} - Current close price

Trendline status
{laststatus} - Last Trend status
{status} - current trend status

New S/R Alert
{dtype} - Divergence Type
{bias} - Bullish or bearish bias
{pricelevel} - S/R price level

Broken Support/Resistance alert (Only for S/R levels)
{brokenLevels} - Broken Levels
{supportLevels} - Immediate support levels
{resistanceLevels} - Immediate Resistance Levels
{supportCount} - Total support level count
{resistanceCount} - total resistance level count

Added option to select divergence base for determining support/resistance levels.
Release Notes:
Republishing to update the front chart
Release Notes:
Minor update V1.4
  • Update library references
  • Few minor updates to array based methods based on new pine features.
  • Minor color adjustments
Release Notes:
Update 1.5
Fixed issue caused due to pine updates on memory
Release Notes:
Update U1.6

  • Added options to set line width for each levels
  • Performance optimisations with respect to load time.
Release Notes:
Update U1.7

Library updates
Minor updates to parameter display on charts

Invite-only script

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