[TradersPost] Automated Channel
This script enhances the trading experience by allowing traders to define a channel through four specified points on the chart, enabling the visualization of a custom trading channel. Unlike the native channel tool on TradingView, this script introduces the capability to set multiple alerts, significantly improving the utility for traders who rely on precise entry and exit points within the confines of their trading strategy. The channel assists in highlighting potential areas of interest without automatically identifying support and resistance levels, instead offering traders the flexibility to set their parameters based on personal analysis and strategy requirements.
FEATURES
- Custom Channel Definition: Traders can specify four points on the chart to draw a channel, granting complete control over its placement and orientation.
- Alerts for Channel Boundaries: Enables setting alerts for when the price enters or exits the top and bottom boundaries of the channel, facilitating timely trading decisions.
- Adjustable Parallelism: Includes options to adjust the channel for parallelism across its length, with adjustments available in percent, ticks, or pips, accommodating a variety of trading instruments.
- End Date/Time Functionality: Allows users to define an end date/time for the channel's relevance, offering utility in both live trading scenarios and historical backtesting.
- Enhanced Visual Indicators: Offers visual handles and labels for easy manipulation and identification of channel points, improving user interaction and efficiency.
DISCLAIMER
This script is intended for informational and educational purposes only, and does not constitute investment advice. Trading involves high risks, including the potential loss of principal. The script is experimental and does not guarantee profitability. Users should trade based on their own due diligence and risk tolerance. The creators and affiliates of this script bear no responsibility for any potential financial losses.
FEATURES
- Custom Channel Definition: Traders can specify four points on the chart to draw a channel, granting complete control over its placement and orientation.
- Alerts for Channel Boundaries: Enables setting alerts for when the price enters or exits the top and bottom boundaries of the channel, facilitating timely trading decisions.
- Adjustable Parallelism: Includes options to adjust the channel for parallelism across its length, with adjustments available in percent, ticks, or pips, accommodating a variety of trading instruments.
- End Date/Time Functionality: Allows users to define an end date/time for the channel's relevance, offering utility in both live trading scenarios and historical backtesting.
- Enhanced Visual Indicators: Offers visual handles and labels for easy manipulation and identification of channel points, improving user interaction and efficiency.
DISCLAIMER
This script is intended for informational and educational purposes only, and does not constitute investment advice. Trading involves high risks, including the potential loss of principal. The script is experimental and does not guarantee profitability. Users should trade based on their own due diligence and risk tolerance. The creators and affiliates of this script bear no responsibility for any potential financial losses.