LonesomeTheBlue

Trend Lines

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Hello Everyone! This is my new trend lines script (after beta version that was published almost one year ago)

The idea is to find Pivot Highs ( PH ) and Pivot Lows(PL) first.

Then, If current PH is smaller then previous PH (means no new higher high and possible downtrend) then draw trend line using them. and also it checks previous trend line (if exits) and if current angle is smaller then don't extend previous one.

Same idea when using Pivot Lows, If current PL is higher then previous PL (means no new lower low and possible uptrend) then draw trend line using them. and also it checks previous trend line (if exits) and if current angle is smaller then don't extend previous one.

Optionally style of old trend lines drawn as dashed.

Hope you enjoy it!
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Comments

genius
+2 Reply
This is dynamite, thanks!
+1 Reply
I agree!
+1 Reply
how do I set this up on MT4 (desktop)? So I can test it using a demo account
Reply
Please how can I set an alert
Reply
@powerpenny, alerts for trend lines? I am not clear on what reason alert needed.
Reply
powerpenny LonesomeTheBlue
When the lines toughest a tip of a candle
Reply
@powerpenny, I am not sure it's possible in pine yet but I have some ideas and will try later if possible.
Reply
Do you have a ability to add third touch alert?
Reply
LonesomeTheBlue gottatradeit
@gottatradeit, I have ability :) but there are many limitations with pine, the script needs to keep many lines and analyse it on each bar. this is not a simple procedure. I have some plans if I have time. for example keeping last 10 lines, if the price closes higher than downtrend line or lower than uptrend lines putting and alert and arrow onto the chart. I am not sure yet but I will try in the new future
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