After publishing Trend Lines for RSI yesterday, I realized that Trend Lines for more indicators needed by the traders. so I decided to make it for four different indicators: RSI, CCI, OBV, Momentum
In the indicator options you can choose the indicator from pull-down menu.
How it works?
- On each bar it finds last 10 higher and lower Pivot Points (PP) for the indicator. - from first bar to 10. Pivot Point it searchs if a trend line is possible - for each PP it starts searching from the last PP . - it checks if drawing a trend line possible or not and also it's broken or not - if it's broken then optionally it shows broken trend lines as dotted (or you can option not to see broken lines) - if it finds a continues trend line then it stops searhing more and draw trend line, this is done by checking angles (I did this to make the script faster, otherwise you may get error because of it needs time more than .2sec) - the script makes this process for each PP - then shows the trend lines
P.S. it may need 3-10 seconds when you added the script to the chart at first (because of calculations)
If you can add divergences lines, this script will se the most complete and useful rsi!
NetoDav
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As always, amazing work my friend. If i is possible, it would be great to have the option to add an ema signal line to the chart that would be helpful gor rsi and OBV. Perhaps we could have the option to select what lenght ema to choose as a the signal. Cheers
LonesomeTheBlue
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@NetoDav, you are one of my followers for long time, right? sure I will add ema line as an option ;)
raootsomnath
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@LonesomeTheBlue, respected sir , me SOMNATH RAOOT from INDIA , as i have been doing trading for one year only , i have been learning lots , i am getting much higher percentage of perfection with your this indicator indeed , been doing intraday on stocks n my time frame is 15 mints. my request to you please do a new of your research on NIFTY 50 N BANK NIFTY for intraday , many general trader will be benefited in India , thanks for your great work sir ,BIG NAMASTE
Investtowealth
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@LonesomeTheBlue, I want to use all indicators at one pls add this option too
RiverDeep
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What is Hlines and abbreviation for?
LonesomeTheBlue
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@RiverDeep, hline is a virtual line to analyse trend line continues or was broken ;)
Thanls for share!
If you can add divergences lines, this script will se the most complete and useful rsi!