Algo + Trendlines :: Medium Period

This indicator helps me to avoid overlooking Trendlines / Algolines. So far it doesn't search explicitly for Algolines (I don't consider volume at all), but it's definitely now already not horribly bad.

These are meant to be used on logarithmic charts btw! The lines would be displayed wrong on linear charts.

The biggest challenge is that there are some technical restrictions in TradingView, f. e. a script stops executing if a for-loop would take longer than 0.5 sec.

So in order to circumvent this and still be able to consider as many candles from the past as possible, I've created multiple versions for different purposes that I use like this:

• Algo + Trendlines :: Medium Period: This script looks for "temporary highs / lows" (meaning the bar before and after has lower highs / lows) on the daily chart, connects them and shows the 5 ones that are the closest to the current price (=most relevant). This one is good to find trendlines more thoroughly, but only up to 4 years ago.
  
• Algo + Trendlines :: Long Period: This version looks instead at the weekly charts for "temporary highs / lows" and finds out which days caused these highs / lows and connects them, Taking data from the weekly chart means fewer data points to check whether a trendline is broken, which allows to detect trendlines from up to 12 years ago! Therefore it misses some trendlines. Personally I prefer this one with "Only Confirmed" set to true to really show only the most relevant lines. This means at least 3 candle highs / lows touched the line. These are more likely stronger resistance / support lines compared to those that have been touched only twice.
  

Very important: sometimes you might see dotted lines that suddenly stop after a few months (after 100 bars to be precise). This indicates you need to zoom further out for TradingView to be able to load the full line. Unfortunately TradingView doesn't render lines if the starting point was too long ago, so this is my workaround. This is also the script's biggest advantage: showing you lines that you might have missed otherwise since the starting bars were outside of the screen, and required you to scroll f. e back to 2015..

One more thing to know:

• Weak colored line = only 2 "collision" points with candle highs/lows (= not confirmed)
  
• Usual colored line = 3+ "collision" points (= confirmed)
  

Make sure to move this indicator above the ticker in the Object Tree, so that it is drawn on top of the ticker's candles!

More infos: https://www.reddit.com/r/RealDayTrading/comments/1f2p3hb/from_38_to_81_after_18_months_24_indicators/