Stochastic Trendlines with Breakouts [Jamshid] - EnhancedStochastic Trendlines with Breakouts - Enhanced Version
This advanced Stochastic Trendlines with Breakouts script combines several powerful features to provide enhanced breakout detection based on the Stochastic Oscillator and additional confirmation signals. This script is designed to help traders identify key trend reversals, breakout points, and pivot levels with more accuracy by integrating advanced filters such as RSI confirmation, moving average trend filtering, volatility filtering, divergence detection, and multi-timeframe analysis.
Key Features:
Stochastic Oscillator-Based Breakouts:
Automatically detects breakouts based on the smoothed Stochastic Oscillator values (%K and %D), providing insights into overbought and oversold conditions.
Customizable overbought and oversold levels, with a mid-level (50) line for additional reference.
Trendlines on Pivot Points:
Automatically plots dynamic trendlines based on pivot highs and lows of the smoothed Stochastic %K, helping to visualize potential reversal points.
RSI Confirmation (Optional):
Filters breakout signals using the Relative Strength Index (RSI) to confirm breakouts only when the RSI is below 50 for downtrend breakouts and above 50 for uptrend breakouts.
Visual confirmation with a green "RSI Conf." label displayed on the chart when the RSI condition is met.
Moving Average Filter (Optional):
Confirms breakout signals in the direction of a user-defined Moving Average (MA) to trade in the overall market trend direction.
MA length is fully customizable.
Stochastic Divergence Filter (Optional):
Detects bullish or bearish divergence between the price and Stochastic Oscillator values, adding an extra layer of confirmation.
Multi-Timeframe Confirmation (Optional):
Confirms breakouts by checking the Stochastic %K and %D values from a higher timeframe. This helps in avoiding false signals by aligning with the broader market trend.
The higher timeframe can be customized to any timeframe (e.g., daily, weekly, etc.).
Volatility Filter (Optional):
Uses the ATR (Average True Range) to filter out breakouts during periods of low volatility, ensuring signals are only triggered when there is sufficient price movement.
ATR length and multiplier are fully customizable.
Custom Alerts:
Alerts are available for new trendline detections (both pivot high and pivot low) and for confirmed breakout signals. These alerts help traders stay informed in real-time without needing to monitor the chart continuously.
How to Use:
Customize the Stochastic Oscillator settings, such as %K smoothing and %D line parameters, to fit your trading strategy.
Enable or disable additional filtering features (RSI, MA, divergence, MTF, volatility) as needed.
Set up alerts for specific breakout conditions directly in TradingView to stay notified when breakout signals are triggered.
This script is designed for traders who are looking for precision breakout signals with added layers of confirmation to avoid false breakouts and enhance trading accuracy.
Cari dalam skrip untuk "TRENDLINES"
Historical Volatility with HV Average & High/Low Trendlines
### 📊 **Indicator Title**: Historical Volatility with HV Average & High/Low Trendlines
**Version**: Pine Script v5
**Purpose**:
This script visualizes market volatility using **Historical Volatility (HV)** and enhances analysis by:
* Showing a **moving average** of HV to identify volatility trends.
* Marking **high and low trendlines** to highlight extremes in volatility over a selected period.
---
### 🔧 **Inputs**:
1. **HV Length (`length`)**:
Controls how many bars are used to calculate Historical Volatility.
*(Default: 10)*
2. **Average Length (`avgLength`)**:
Number of bars used for calculating the moving average of HV.
*(Default: 20)*
3. **Trendline Lookback Period (`trendLookback`)**:
Number of bars to look back for calculating the highest and lowest values of HV.
*(Default: 100)*
---
### 📈 **Core Calculations**:
1. **Historical Volatility (`hv`)**:
$$
HV = 100 \times \text{stdev}\left(\ln\left(\frac{\text{close}}{\text{close} }\right), \text{length}\right) \times \sqrt{\frac{365}{\text{period}}}
$$
* Measures how much the stock price fluctuates.
* Adjusts annualization factor depending on whether it's intraday or daily.
2. **HV Moving Average (`hvAvg`)**:
A simple moving average (SMA) of HV over the selected `avgLength`.
3. **HV High & Low Trendlines**:
* `hvHigh`: Highest HV value over the last `trendLookback` bars.
* `hvLow`: Lowest HV value over the last `trendLookback` bars.
---
### 🖍️ **Visual Plots**:
* 🔵 **HV**: Blue line showing raw Historical Volatility.
* 🔴 **HV Average**: Red line (thicker) indicating smoothed HV trend.
* 🟢 **HV High**: Green horizontal line marking volatility peaks.
* 🟠 **HV Low**: Orange horizontal line marking volatility lows.
---
### ✅ **Usage**:
* **High HV**: Indicates increased risk or potential breakout conditions.
* **Low HV**: Suggests consolidation or calm markets.
* **Cross of HV above Average**: May signal rising volatility (e.g., before breakout).
* **Touching High/Low Levels**: Helps identify volatility extremes and possible reversal zones.
Auto TrendLines [HeWhoMustNotBeNamed]I started off with the intention of creating script to identify Wolfe wave projection. But, soon ran into problem with loops. Realized drawing wedge is more difficult than drawing converging triangle. Hence, took a step back and started working on wedges and triangle identification. Ended up with a messy output which looked like this.
Had to take another step back and hence decided to make Trendlines detection script and here we are :)
⬜ Process
▶ Scan pivots which are in trend. This means, series of pivot Highs or pivot lows either in ascending order or descending order.
▶ Draw trend line between each of the pivots in the trend series. For example, if there are 5 pivot high uptrend pivots, draw mXn lines between each of these points.
▶ Select the trend line which is more accurate or stronger. Accuracy is measured by number of candles/wicks touching the line and number of candles which fall outside the line. Stronger trendlines will touch more candles and pivots with less overflow.
▶ Remove all lines except the most accurate one for each direction.
At any point of time, you will see upto 4 trend lines in this script.
▶ Trendline joining pivot highs in uptrending condition
▶ Trendline joining pivot lows in uptrending condition
▶ Trendline joining pivot highs in downtrending condition
▶ Trendline joining pivot lows in downtrending conditions
The older line will remain until the new one comes through of same type. Hence, you will still be able to see uptrending high and low trend lines for downtrending instruments which are created way back!! Also, new trendlines replace old ones only if they are more stronger (connect to more pivots with less overflow)
⬜ Settings
Settings are simple.
User can select preferred Zigzag Length and Search Depth. Higher numbers for these two parameters will present longer term trends whereas lower numbers will display shorter ones.
Trend Lines controlls will allow users to enable/disable specific type of trend line, set color and line style to it.
⬜ Few Examples
▶ Uptrending Market : NASDAQ:NDX
▶ Downtrending Market : NYSE:BABA
▶ Ranging Market : NYSE:PLTR
strategy of RSI with trendlines and S/RBefore I go through this chart I want to acknowledge the great programmers who spent much of their time and effort to assist many TV users and traders.
Thank you to LunaOwl for the RSI American lines her script made me realize the need to have trendlines, supports, and resistance on RSI charts.
Also, a copy of Lij_MC code from was taken which had been credited to Duyck. Thank you Duyck.
The BB was copied from morpheus747
As I researched different strategies one strategy seemed to assist the trader for entry and exits. It was the combination of Support and resistance on the RSI. In addition, diagonal lines (Recently introduced in pine script V4) assists in the direction and reversals that may occur. What is supplied is only a graphical representation and no trade entry or exit points are selected.
On the chart you can use;
• RSI line or bar;
• Bollinger High / Low support line;
• Diagonal trend lines. A primary and a secondary group of trendlines; and
• Trendline candle highlighter.
I am hoping people with great skills could assist to develop this to the next level.
I hope this graphical strategy may help until further development. Enjoy.
HMA-Kahlman Trend, Clipping & TrendlinesThis script utilizes three modules:
- Trendlines module (by Joris Duyck),
- Winsorizing submodule and
- HMA-Kahlman Trend module.
The Trendlines module produces crossovers predictive of the next local trend. The Winsorizing (clipping) submodule filters signals by a volume level, eliminating the ones with the volume below a threshold. The last feature obviously does not work with the assets not supporing Volume, so set the Winsorizing submodule to false. The Winsorizing and Trendlines modules can be turned off.
Mitsos4 RSI + BB + Dispersion + Trendlines + VIX Fix Mitsos4 RSI + BB + Dispersion + Trendlines + VIX Fix
This powerful custom indicator combines two analytical tools into one view:
RSI-based Bollinger Bands with Dispersion and the Vix Fix volatility spike detector.
It is designed for traders who want early volatility signals and precision RSI insights, all in a single pane.
🧩 What's Included:
✅ 1. RSI + BB (EMA) + Dispersion
RSI-Based Bollinger Bands: Tracks the RSI with Bollinger Bands using an EMA as the basis.
Dispersion Zone: A buffer zone around the moving average band for more sensitive overbought/oversold detection.
Dynamic RSI Coloring:
🟢 Green: RSI breaks above the dispersion zone.
🔴 Red: RSI breaks below the dispersion zone.
🟡 Yellow: RSI inside the zone (neutral).
Trendlines at RSI levels: 40 (green), 50 (yellow), 60 (red).
Alerts when RSI crosses dispersion zones.
✅ 2. CM_Williams_Vix_Fix
Designed to simulate VIX-like volatility spikes on non-VIX instruments.
Detects potential market bottoms by measuring price deviation from recent highs.
Includes:
Bollinger Band range on WVF.
Percentile high/low zones to detect significant volatility moves.
Histogram plot of WVF for quick visual alerts.
Color-coded spikes (green when above upper thresholds).
⚙️ User Controls:
Adjustable RSI, Bollinger Band, and dispersion settings.
Toggle options for:
Viewing high/low VIX percentiles.
Showing standard deviation bands for WVF.
Custom trendline display levels at RSI key areas.
📌 Best Use Cases:
Detect early market reversals and volatility spikes.
Combine RSI strength with volatility-based bottom signals.
Layer dispersion-based logic on top of classic RSI strategies.
Williams Percent Range with Trendlines and BreakoutsHere is my "Williams Percent Range with Trendlines and Breakouts" indicator, a simple yet powerful tool for traders. This indicator combines the classic Williams %R oscillator, which helps identify overbought and oversold levels, with added trendlines for easier trend analysis at a glance.
It's designed to make spotting potential breakouts easier by drawing attention to significant price movements. With customizable settings for the Williams %R period and trendline sensitivity, it's a flexible tool for various symbols and trading styles.
Whether you're looking to refine your trading strategy or just need a clearer view of market trends, this indicator should offer a straight forward approach to hopefully enhance your trading decisions.
Disclaimer: This indicator is intended for educational and informational purposes only. Always conduct your own research and analysis before making trading decisions.
HMA-Kahlman Trend & Trendlines (v.2)This is an upgrade to the HMA-Kahlman Trend & Trendlines script ().
This version gives more flexibility because you can play around with 2 parameters to Kalman function (Sharpness and K (aka. step size)).
StDev Based Trendlines - JDAs a second alternatively based trendline script this is the Standard Deviation vesrion.
This script draws trendlines from the pivot points in the price chart.
The angle of the trendlines is determined by (a percentage of) the Standard Deviation.
The angle follows the change in price, compared to the StDev at the moment where the pivot point is detected
The StDev percentage determines if the trendline follows the rate of change of the StDev or a fraction ( value < 100) or a multiple ( value > 100) of that
JD.
#NotTradingAdvice #DYOR
Disclaimer.
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
ATR Based Trendlines - JDThis script draws trendlines from the pivot points in the price chart.
The angle of the trendlines is determined by (a percentage of) the atr.
The angle follows the change in price, dictated by the atr at the moment where the pivot point is detected.
The atr percentage determines if the trendline follows the rate of change of the atr or a fraction ( value < 100) or a multiple ( value > 100) of that
JD.
#NotTradingAdvice #DYOR
Disclaimer.
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
HMA-Kahlman Trend, DifferenceFilter & TrendlinesThis update to the previous HMA-Kahlman Trend, Clipping & Trendlines script features the same structure with the three modules:
- Trendlines module,
- NEW Winsorizing submodule using difference-based filtering.
- HMA-Kahlman Trend module.
The Winsorizing submodule filters signals by a volume level, eliminating the ones with the volume below a threshold. This module substitutes the previous 'low-level' filtering implementation. This time it filters out based on difference between scaled volume and its moving average.
Tested with BTCUSD.
HMA-Kahlman Trend & TrendlinesThis script utilizes two modules, Trendlines module (by Joris Duyck) and HMA-Kahlman Trend module. Trendlines module produces crossovers predictive of the next local trend.
Fibonacci TrendlinesCOINBASE:ETHUSD
This indicator is bested with the 4 hour time frame.
This indicator shows 4 EMA trendlines based on the Fibonacci Sequence (8, 13, 21, 55). If the 8, 13, 21 trendlines crosses above the 55 and the volume is high, this is an indication for a long position. If the 8, 13, 21 crosses below the 55 (volume doesn't matter), this is an indication to exit the long position or an indication for a short position.
RSI Trendlines with BreakoutsA pivot-based breakout indicator that attempts to provide traders with a visual aid for finding breakouts on the RSI. Similar to how we use trendlines on our charts, using them on the Relative Strength Index can also give us a sense of direction in the markets.
This script uses its own pivot-based system that checks for real-time swing levels and triggers a new pivot event after every dip and nth bars. The breakout alerts that are given were not designed to be taken as signals since their purpose is to provide an extra bit of confluence. Because of this, I added no other conditions that try to make the alerts "perfect", but instead, print every breakout that is detected. Despite stating this, I did happen to add a condition that checks the difference in RSI and the breakout value, but that's as far as it'll go.
There are alerts built-in to the script, along with adjustable repainting options.
🔳 Settings
Lookback Range: Lookback period to trigger a new pivot point when conditions are met.
RSI Difference: The difference between the current RSI value and the breakout value. How much higher in value should the current RSI be compared to the breakout value in order to detect a breakout?
RSI Settings
Styling Options
🔳 Repaint Options
On: Allows repainting
Off - Bar Confirmation: Prevents repainting and generates alerts when the bar closes. (1 candle later)
🔳 How it Works
Before a trendline is drawn, the script retrieves the slope between the previous pivot point and the current. Then it adds or subtracts the slope x amount of times (based on the lookback range) from the current pivot value until the current x-axis is reached. By doing this we can get a trendline that will detect a breakout accurately.
The result
When using the RSI Difference condition, the script will print breakouts whenever the condition is true, because of this dotted lines were added to track where the alert was triggered.
🔳 Alerts
Support & Resistance Trendlines with PP + Fib. Channel█ Support & Resistance Trendlines with Pivot Points + Fibonacci Channel
This script automatically draw support and resistance trend lines based on pivot points and add a fibonacci channel.
It will show potential patterns with the help of support and resistance lines as well as breakout target and pullback entry with the fibonacci extension and retracement levels.
It is based on atolelole's script, I only made it more configurable so please check out his script.
I added the possibility to change values and add additional retracement and extension levels.
I also made it customizable with the possibility to change lines color, width and style.
[PX] Level & TrendlinesThe indicator identifies the intermediate fractal pattern, where neighboring fractals are either higher or lower. It plots horizontal level and trendlines based on those fractals and comes with a variety of settings.
If you are looking for someone to develop your on indicator or trading strategy, don't hesitate to get in touch with me here on TradingView or below.
Contact:
www.pascal-simon.de
info@pascal-simon.de
Fibonacci Trendlines 8-200In my opinion best EMA Trendlines there is, simple yet very reliable on any time frame, i found the version that had 8-13-21-55, so i decided to add 100 and 200 for higher time frames enjoy please share and like
Trend Line Trendlines are easily recognizable lines that traders draw on charts to connect a series of prices together or show some data's best fit. The resulting line is then used to give the trader a good idea of the direction in which an investment's value might move.
A trendline is a line drawn over pivot highs or under pivot lows to show the prevailing direction of price. Trendlines are a visual representation of support and resistance in any time frame. They show direction and speed of price, and also describe patterns during periods of price contraction.
Key Takeaways
Trendlines indicate the best fit of some data using a single line.
A single trendline can be applied to a chart to give a clearer picture of the trend.
The time period being analyzed and the exact points used to create a trendline vary from trader to trader.
The trendline is among the most important tools used by technical analysts. Instead of looking at past business performance or other fundamentals, technical analysts look for trends in price action. A trendline helps technical analysts determine the current direction in market prices. Technical analysts believe the trend is your friend, and identifying this trend is the first step in the process of making a good trade.
To create a trendline, an analyst must have at least two points on a price chart. Some analysts like to use different time frames such as one minute or five minutes. Others look at daily charts or weekly charts. Some analysts put aside time altogether, choosing to view trends based on tick intervals rather than intervals of time. What makes trendlines so universal in usage and appeal is they can be used to help identify trends regardless of the time period, time frame or interval used.
Trendlines StrategyUsing the clever calculations and code by BacktestRookies, here is a strategy that buys
when the price breaks above the trend line and sells (or shorts) when it crosses below.
This logic can be reversed, which seems to work better with recent market conditions.
Harish Algo 2The script "Harish Algo 2" is a Pine Script-based TradingView indicator that automatically identifies significant trendlines based on fractal points and tracks price interactions with those trendlines. Key features include:
Fractal Detection: The script identifies fractal highs and lows, using a configurable fractal period, to serve as pivot points for generating trendlines. Fractal highs are marked in blue, and fractal lows are marked in red.
Dynamic Trendlines: It draws trendlines between consecutive fractal points, with a limit on the maximum number of active trendlines. The trendlines can be extended either in both directions or to the right, as per user input. The line width can also be customized.
Support/Resistance Counting: Each trendline tracks how many times the price interacts with it. If the price approaches the line from above and touches or stays near it, the line is considered a support. If the price approaches from below, it is considered a resistance. These counts are used to modify the trendline's color and appearance.
Trendlines with 2 support interactions turn green.
Trendlines with 2 resistance interactions turn red.
Trendlines with 3 or more interactions turn black.
Trendline Styling: Trendlines that extend over a long period (more than 100 bars) change to a dotted style to highlight their persistence.
Break Detection: The script monitors if the price crosses a trendline, signaling a potential breakout or breakdown. Once a trendline is broken, it stops extending further.
Trendline Removal: The script ensures that only a limited number of trendlines are active at a time. If the maximum number of trendlines is reached, the oldest trendline is removed to make space for new ones.
This indicator is designed to help traders visualize important trendlines, spot potential support and resistance levels, and detect breakouts or breakdowns based on price movement.
Trendline Breakout Navigator [LuxAlgo]The Trendline Breakout Navigator indicator shows three trendlines, representing trends of different significance between Swing Points.
Dots highlight a Higher Low (HL) or Lower High (LH) that pierces through the Trendline without the closing price breaking the Trendline.
A bar color and background color option is included, which offers insights into the price against the trendlines.
🔶 USAGE
Trendlines (TL) are drawn, starting as a horizontal line from a Swing Point.
When an HL (in the case of a bullish TL) or an LH (bearish TL) is found, this Swing Point is connected to the first Swing Point. In both cases, the TL can be optimized when one or more historical close prices breach the TL (see DETAILS).
A solid-styled long-term trendline represents the overall market direction, while a dashed-styled medium-term trendline captures medium-term movements within the long-term trend. Finally, a dotted-styled short-term trendline tracks short-term fluctuations.
🔹 Swing Points vs. Trend
A "Higher High" (HH) or "Lower Low" (LL) will initialize a new trendline, respectively, starting from the previous "Swing Low" or Swing High".
To spot the trend shift, "HH/LL" labels and an optional background color are included. They can be enabled/disabled or set at "Long, Medium, or Short" term TL (Settings—"MS", "HH/LL" and "Background Color").
These features are linked to one Trendline of choice only.
Where the "HH/LL" labels can show a potential trend shift, the background color is:
Green from the moment the close price breaks above a bearish trendline or when an HH occurs
Red from the moment the close price breaks below a bullish trendline or when an LL occurs
🔹 Bar Color
The bar color will depend on the location of the closing price against the three trendlines. When a trendline is unavailable (for example, if the close price breaks the TL and there is no HH/LL), the last known trendline value will be considered.
All three trendlines influence the bar color.
If the close price is above the "Long Term" TL, the bar color will show a gradient of green, darker when the close price is below the "Medium Term" and/or "Short Term" TLs.
On the other hand, when the close price is below the "Long Term" TL, the bar color will show a gradient of red, which becomes darker when the close price is above the "Medium Term" and/or "Short Term" TLs.
To keep the above example simple, only the "Long Term" TL is considered. The white line (not included in the script) resembles the actual value of the TL at each bar, where you can see the effect on the bar color.
Combined with the trendlines and dots, the bar color can provide extra depth and insights into the underlying trends.
🔹 Tested Trendlines
If a new HL/LH pierces the Trendline without the close price breaking the Trendline, the Trendline will be updated.
The exact location where the price exceeded the Trendline is visualized by a dot, colored blue on a bullish trendline and orange when bearish.
These dots can be indicative of a potential trend continuation or reversal.
🔹 Higher TimeFrame Option
The "Period" setting enables users to visualize higher-timeframe trendlines as long as the line length doesn't exceed 5000 bars.
🔶 DETAILS
When a new trendline is drawn, the script first draws a preliminary line and then checks whether a historical close price exceeded this line above (in the case of a bearish TL) or below (in a bullish case).
Subsequently, the most valid point in between is chosen as the starting point of the Trendline.
🔶 SETTINGS
Period: Choose "chart" for trendlines from the current chart timeframe, or choose a higher timeframe
🔹 Swing Length
Toggle and Swing Length for three trendlines: Period used for the swing detection, with higher values returning longer-term Swing Levels.
🔹 Style
Trendline: color for bullish/bearish Trendline
Wick Dot: color for bullish/bearish trendline test
Term: Long-, medium- or short-term
HH/LL: Show HH/LL labels (with or without previous Swing High/Low) of chosen Term
Background Color: Green when the closing price is above the trendline of choice, red otherwise
Bar Color
BTC Trendline Patterns with Signals BTC Trendline Patterns with Signals
This custom Pine Script indicator automatically detects key pivot points in Bitcoin price action and draws support and resistance trendlines. The indicator provides buy (long) and sell (short) signals when these trendlines are broken. This can help traders identify potential breakout opportunities and trend reversals based on established price levels.
Features:
Pivot Point Detection: Automatically identifies pivot highs and lows in the price chart, based on customizable parameters (Pivot Left and Pivot Right).
Support and Resistance Trendlines: Draws trendlines based on the identified pivot points. These lines represent significant price levels where price may experience support or resistance.
Breakout Signals: Provides buy (long) and sell (short) signals when the price breaks above the resistance trendline (for buy signals) or below the support trendline (for sell signals).
Customizable Pivot Lengths: Adjust the number of bars considered for determining pivot points using the Pivot Left and Pivot Right input parameters.
How it Works:
Pivot Detection: The script identifies the highest high (pivotHigh) and the lowest low (pivotLow) within a specific range of bars (defined by Pivot Left and Pivot Right).
Trendline Plotting: Once pivots are detected, the script draws resistance (red) and support (green) trendlines connecting the most recent pivots. These trendlines act as dynamic support and resistance levels.
Breakout Signals: The script generates signals:
BUY (Long): Triggered when the price breaks above the most recent resistance trendline.
SELL (Short): Triggered when the price breaks below the most recent support trendline.
Parameters:
Pivot Left: Number of bars to the left of the pivot point to consider.
Pivot Right: Number of bars to the right of the pivot point to consider.
Line Width: Customizable line width for drawing trendlines.
Ideal Use:
Timeframes: This indicator works well on timeframes ranging from 1-minute to daily charts. For best results, use it on 1-hour, 4-hour, or daily charts.
Strategy: Ideal for breakout traders or trend-following strategies. Use it to identify potential entry points when price breaks key levels of support or resistance.
Example Use Case:
Swing Traders: Traders looking for potential breakouts can use this script to identify key levels in the market and wait for the price to break through resistance for a long trade or support for a short trade.
Day Traders: For those looking to enter and exit trades in a single day, this indicator can help pinpoint areas of support and resistance, and provide actionable signals when price breaks those levels.
Disclaimer:
This script is not a guarantee of success and should be used in conjunction with other technical analysis tools. Always perform additional research and backtesting before live trading.
Important Notes:
The pivot points and trendlines may adjust dynamically as the price evolves. Adjust the pivot settings to suit the volatility and timeframe of the market you're trading.
This indicator works best when combined with other indicators such as volume, RSI, or MACD for confirmation.
How to Use:
Add the indicator to your chart.
Adjust the Pivot Left and Pivot Right parameters to fine-tune the pivot point detection.
Monitor for trendline breakouts. When the price breaks above the resistance line, a BUY signal will appear. When the price breaks below the support line, a SELL signal will appear.
Use the signals to enter trades at the right moment.
Final Notes:
If you're submitting to TradingView for publishing, keep your description clear and informative, but also concise. Traders need to quickly understand how your indicator works, what parameters they can adjust, and how it might fit into their trading strategy.
Tetra Trendline Indicator 2.0This script is designed to help traders visualize and identify potential overbought and oversold conditions in a financial instrument's price chart using four customizable trendlines. It also provides the option to set alerts for these conditions. Users can adjust the input parameters to tailor the indicator's behavior to their trading preferences.
Input Parameters: The script allows users to configure various input parameters to customize the behavior of the indicator. These parameters include:
showTrendlineX: Boolean inputs to control whether to show each of the four trendlines (Trendline 1, Trendline 2, Trendline 3, and Trendline 4).
trendlineColorX: Color inputs to specify the color of each trendline.
trendlineWidthX: Numeric inputs to set the width of each trendline.
trendlineLengthX: Numeric inputs to determine the length of each trendline.
alertOnTrendlineXBreak: Boolean inputs to enable or disable alerts for each trendline when they are breached.
Trendline Calculations: The script calculates the coordinates for each of the four trendlines. It does this by identifying the starting and ending points of each trendline based on user-defined parameters and the highest or lowest price levels within a specified length.
Plotting Trendlines: The script uses the plot function to display the calculated trendlines on the price chart. It also fills the area between the trendlines to visually emphasize the region.
Alert Conditions: The script defines alert conditions for each trendline. Alerts are triggered when certain price conditions are met:
Trendline 1: An alert is triggered when the price crosses above the Trendline 1 (indicating overbought conditions).
Trendline 2: An alert is triggered when the price crosses below the Trendline 2 (indicating oversold conditions).
Trendline 3: Similar to Trendline 1, an alert is triggered when the price crosses above Trendline 3 (overbought).
Trendline 4: Similar to Trendline 2, an alert is triggered when the price crosses below Trendline 4 (oversold).
