Had to take another step back and hence decided to make Trendlines detection script and here we are :)
▶ Scan pivots which are in trend. This means, series of pivot Highs or pivot lows either in ascending order or descending order.
▶ Draw trend line between each of the pivots in the trend series. For example, if there are 5 pivot high uptrend pivots, draw mXn lines between each of these points.
▶ Select the trend line which is more accurate or stronger. Accuracy is measured by number of candles/wicks touching the line and number of candles which fall outside the line. Stronger trendlines will touch more candles and pivots with less overflow.
▶ Remove all lines except the most accurate one for each direction.
At any point of time, you will see upto 4 trend lines in this script.
▶ Trendline joining pivot highs in uptrending condition
▶ Trendline joining pivot lows in uptrending condition
▶ Trendline joining pivot highs in downtrending condition
▶ Trendline joining pivot lows in downtrending conditions
The older line will remain until the new one comes through of same type. Hence, you will still be able to see uptrending high and low trend lines for downtrending instruments which are created way back!! Also, new trendlines replace old ones only if they are more stronger (connect to more pivots with less overflow)
Settings are simple.
User can select preferred Zigzag Length and Search Depth. Higher numbers for these two parameters will present longer term trends whereas lower numbers will display shorter ones.
Trend Lines controlls will allow users to enable/disable specific type of trend line, set color and line style to it.
⬜ Few Examples
▶ Uptrending Market : NDX
▶ Downtrending Market : BABA
▶ Ranging Market : PLTR
▶ Custom Candle Source
Added feature to chose custom candle source
Making use of customcandles library methods to derive custom candles. Availalbe candle source options are :
- regular (Regular OHLC candles)
- ha (Heikin Ashi Candles)
- ma (Moving Average Candles)
▶ Historical Trail
Added option to show historical trail of trend lines. Trail will appear as dotted lines with low visibility so that it will not take too much chart space and impact visibility.
▶ Live Stats of nearest trendlines
Live stats are shown for the immediate and nearby trendlines. If the trendline is far away, then it will not be shown. At least two trendlines stats will be shown.
- Added last update status to table - which shows how many bars back the trendline was created.
- Added trend watermark - which shows whether high and low trendlines are in Uptrend, Downtrend, Converging or Diverging Triangles :)
SHIBUSD shows downtrend as nearest two trendlines are both going down.
Whereas DOGEUSD presents converging triangle.
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.