Trend Lines and Trend Channel

This indicator only works on PRT v11 onwards.

This indicator draws trend lines from the last bar on the chart based on the previous p candles.

You can also draw channels above and below the main trend line. The steeper the trend line the further apart these are and the shallower the trend line the closer together they are. Their spacing can be adjusted using the ‘Multiple’ setting. The channel lines can be added or removed with the ‘Upper’ and ‘Lower’ settings.

The trend lines and channel lines are projected into the future by p bars and into the past by p bars. These can be removed or displayed with the ‘Past’ and ‘Future’ settings.

The calculations can be done using either pure price movements of price movements as a percentage of the previous close. The ‘Percentage’ setting allows you to choose which.

The trend lines are green if they are rising and red if they are declining.

If you apply the indicator multiple times to your price chart with different settings for ‘p’ then you can get a feeling for short, medium and long term trends and be able to visualise where price might be in the future.

As always I advise downloading and importing to get full functionality.

//Trend Lines and Trend Channel
//PRT v11
//By Vonasi
//Date: 20200401

if p < barindex then
 if barindex >= p-1 then
  if percentage then
   $diff[barindex] = ((close-open)/(close[1]))
  else
   $diff[barindex] = close-open
  endif

 if islastbarupdate then
  mydiff = 0
  for a = 0 to p-1
   if percentage then
    mydiff = mydiff+($diff[barindex-a]*close)
   else
    mydiff = mydiff+($diff[barindex-a])
   endif
  next

  r = 128
  g = 0
  if mydiff >=0 then
   r = 0
   g = 128
  endif

  if past then
   drawsegment(barindex,close,barindex-p,close - mydiff)coloured(r,g,0)
  endif
  if future then
   drawsegment(barindex,close,barindex+p,close + mydiff)coloured(r,g,0)
  endif

  if upper then
   hh = abs(mydiff)*multiple
   if past then
    drawsegment(barindex,close+hh,barindex-p,close-mydiff+hh)coloured(r,g,0)
   endif
   if future then
    drawsegment(barindex,close+hh,barindex+p,close+mydiff+hh)coloured(r,g,0)
   endif
  endif

  if lower then
   ll = abs(mydiff)*multiple
   if past then
    drawsegment(barindex,close-ll,barindex-p,close-mydiff-ll)coloured(r,g,0)
   endif
   if future then
    drawsegment(barindex,close-ll,barindex+p,close+mydiff-ll)coloured(r,g,0)
   endif
  endif
 endif
 endif
endif

return