Ai Trend Lines & Channels - [Ai Whales]

Introducing our latest innovation: the AI Trend Lines and Channels script from [Ai Whales].

This powerful tool is designed to enhance your trading strategy by accurately identifying Pivot Highs (PH) and Pivot Lows (PL).

The methodology begins with the detection of Pivot Highs. If the current PH is lower than the previous PH, it indicates a potential downtrend, prompting the script to draw a trend line connecting these points. Additionally, it evaluates any existing trend lines; if the angle of the current trend line is less steep than its predecessor, it refrains from extending the previous line, ensuring clarity in your analysis.

Conversely, when analyzing Pivot Lows, if the current PL exceeds the previous PL, this suggests a possible uptrend. The script will then draw a corresponding trend line while also checking existing lines for angle consistency before making any extensions.

For enhanced visual clarity, older trend lines can be displayed as dotted lines, allowing you to easily differentiate between current and historical trends.

This indicator serves as an invaluable tool for visualizing underlying price trends over time. It simplifies the process of utilizing drawing tools by connecting points where price movements deviate significantly from established maximums and minimums, effectively linking local peaks and troughs.

You have the flexibility to adjust the length settings according to your trading preferences.

Important Note: Please be aware that certain aspects of this indicator inherently backpaint by default. This means that some displayed components may appear offset in relation to past price action.