Wing's Trend Line Bands - (Support and Resistance)

Wing’s Trend Line Bands – (Support and Resistance)

This is an unconventional indicator I have created in PRT 10.2. I have not seen anything similar.

It calculates twelve different trend lines, six that resemble levels of support and six that resemble levels of resistance. They are then averaged into two trend lines, to form a band around the price. The ‘band’ does not behave like for example a bollinger band. Trend Line Bands are more dynamic since they are drawn between different high/low points, and are therefore, straight.

How to trade:

Appropriate timeframe, security and system is for you to find. Remember that this indicator is experimental and can be developed in many ways. Trend Line Bands can be traded in at least three ways that I have found:

• Mean reversion (price bouncing on the bands)
• Breakout (decisive move through a band)
• Band convergence (The algorithm can output a line of support ABOVE the line of resistance. This is a sign of upcoming trend reversal and should not be traded in the ways mentioned above.)

  ////////////////////////////////////////////////////
  //
  // Wing's Trend Line Bands - (Support and Resistance)
  //
  // Made by user "Wing" of ProRealCode.com
  // https://www.prorealcode.com/user/wing/
  //
  //////////////////////////////////////////////////
  //
  // Parameter:
  
  p = 7
  
  //////////////////////////////////////////////////
  
  
  rs=RSI[p]
  
  
  
  once t1=0
  once t2=0
  once t3=0
  once t4=0
  
  once b1=0
  once b2=0
  once b3=0
  once b4=0
  
  
  once top=0
  
  if rs[4]>70  and high[4]>high[3] and high[4]>high[2] and high[4]>high[1] and high[4]>high and top=0 then
  t4=t3
  t3=t2
  t2=t1
  t1=barindex-4
  top=6
  endif
  
  if rs[4]<30  and low[4]<low[3] and low[4]<low[2] and low[4]<low[1] and low[4]<low and top=0 then
  b4=b3
  b3=b2
  b2=b1
  b1=barindex-4
  top=6
  endif
  
  if top>0 then
  top=top-1
  endif
  
  // tops
  
  if high[barindex-t2]>high[barindex-t1] then
  linet1=high[barindex-t2]-(((barindex-t2)*sqrt(square(high[barindex-t1]-high[barindex-t2])))/(t1-t2))
  else
  linet1=high[barindex-t2]+(((barindex-t2)*sqrt(square(high[barindex-t1]-high[barindex-t2])))/(t1-t2))
  endif
  
  if high[barindex-t3]>high[barindex-t2] then
  linet2=high[barindex-t3]-(((barindex-t3)*sqrt(square(high[barindex-t2]-high[barindex-t3])))/(t2-t3))
  else
  linet2=high[barindex-t3]+(((barindex-t3)*sqrt(square(high[barindex-t2]-high[barindex-t3])))/(t2-t3))
  endif
  
  if high[barindex-t3]>high[barindex-t1] then
  linet21=high[barindex-t3]-(((barindex-t3)*sqrt(square(high[barindex-t1]-high[barindex-t3])))/(t1-t3))
  else
  linet21=high[barindex-t3]+(((barindex-t3)*sqrt(square(high[barindex-t1]-high[barindex-t3])))/(t1-t3))
  endif
  
  if high[barindex-t4]>high[barindex-t1] then
  linet3=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t1]-high[barindex-t4])))/(t1-t4))
  else
  linet3=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t1]-high[barindex-t4])))/(t1-t4))
  endif
  
  if high[barindex-t4]>high[barindex-t2] then
  linet31=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t2]-high[barindex-t4])))/(t2-t4))
  else
  linet31=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t2]-high[barindex-t4])))/(t2-t4))
  endif
  
  if high[barindex-t4]>high[barindex-t3] then
  linet32=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t3]-high[barindex-t4])))/(t3-t4))
  else
  linet32=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t3]-high[barindex-t4])))/(t3-t4))
  endif
  
  // bots
  
  if low[barindex-b2]>low[barindex-b1] then
  lineb1=low[barindex-b2]-(((barindex-t2)*sqrt(square(low[barindex-b1]-low[barindex-b2])))/(b1-b2))
  else
  lineb1=low[barindex-b2]+(((barindex-b2)*sqrt(square(low[barindex-b1]-low[barindex-b2])))/(b1-b2))
  endif
  
  if low[barindex-b3]>low[barindex-b2] then
  lineb2=low[barindex-b3]-(((barindex-b3)*sqrt(square(low[barindex-b2]-low[barindex-b3])))/(b2-b3))
  else
  lineb2=low[barindex-b3]+(((barindex-b3)*sqrt(square(low[barindex-b2]-low[barindex-b3])))/(b2-b3))
  endif
  
  if low[barindex-b3]>low[barindex-b1] then
  lineb21=low[barindex-b3]-(((barindex-b3)*sqrt(square(low[barindex-b1]-low[barindex-b3])))/(b1-b3))
  else
  lineb21=low[barindex-b3]+(((barindex-b3)*sqrt(square(low[barindex-b1]-low[barindex-b3])))/(b1-b3))
  endif
  
  if low[barindex-b4]>low[barindex-b1] then
  lineb3=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b1]-low[barindex-b4])))/(b1-b4))
  else
  lineb3=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b1]-low[barindex-b4])))/(b1-b4))
  endif
  
  if low[barindex-b4]>low[barindex-b2] then
  lineb31=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b2]-low[barindex-b4])))/(b2-b4))
  else
  lineb31=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b2]-low[barindex-b4])))/(b2-b4))
  endif
  
  if low[barindex-b4]>low[barindex-b3] then
  lineb32=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b3]-low[barindex-b4])))/(b3-b4))
  else
  lineb32=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b3]-low[barindex-b4])))/(b3-b4))
  endif
  
  
  // return values
  
  resistance=(linet1+ linet2+ linet21+ linet3+ linet31+ linet32)/6
  support=(lineb1+ lineb2+ lineb21+ lineb3+ lineb31+ lineb32)/6
  midpoint=(resistance+support)/2
  
  return resistance, support, midpoint