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

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

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////////////////////////////////////////////////////

// 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

bands DAX following fx lines resistance support trend trendlines

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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Nicolas • 01/29/2017 #
Hello Wing, nice to see your name into the Library too 🙂 I appreciate your help on forums!
I need to investigate more into your interesting indicator, I think I might need some time to perfectly understand the concept behind its code. Thanks for the contribution, I’m looking forward for more interesting things from your own research 🙂

Wing • 01/29/2017 #
Yes, investigate as much as you want. For more insight, you can view the linet1, linet2 etc. individually on the chart. That will show you exactly what trend lines are found and used for the bands.

CKW • 01/29/2017 #
Hi Wing,
Thanks for your sharing. I am still trying to breakdown & understand your code.
For your example above, 30m chart & Parameter = 7. Does it mean this indicator analysze the Support & Resistance for the last 7 candles? (e.g. 4 hours?)
Br, CKW
- Wing • 01/29/2017 #
  Hello CKW.
  No, the parameter, 7 in this case, is used when calling the RSI indicator to identify points of interests. It is between these these points that the trend lines are drawn. There are 8 points in total on which the lines are based, and when a new point is found, the oldest previous point is discarded. New points are found only when the RSI[7] hits an extreme low or high, so the distance between points will vary. If you increase the parameter from 7 to 9 for example, you will experience trend lines that are based on more long-term trends.

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

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