Wing’s Trend Lines
This indicator draws up to 12 trend lines, based on previous high/low points. I created it to trade manually with it, but it can also be implemented into a strategy. An old indicator that will work on both 10.2 and 10.3. It could be improved using the new functionalities in 10.3.
Features:
- Displays 1-12 trend lines. (Up to 6 lines of support and 6 lines of resistance)
- Trend lines are updated automatically, just like a regular indicator.
- If you decrease the amount of lines (parameter ‘DisplayedLines’) shown, from 12 to 6 for example, it will prioritize recent trends and not show older trends.
- Parameter ‘p’ can be changed to increase or decrease the trend lookback. Big or small trends.
- Lines are angled Support and Resistance lines based on RSI high/low points.
- How to trade: Price will bounce when approaching a trend line (mean reversion) or go through and continue (breakout). Not all instruments are good to trade with the indicator, but they will be in some timeframes.
- Does not display horizontal lines of interest (there’s other indicators for that) unless made up by least two price points.
Note that if you load 10000 bars or more it can take some time to load. Note that it does not draw lines into the future (it could probably be updated to do that). When switching trend it will also create ugly vertical change, but it works like a charm.
If you want to apply the indicator, download it, import it, and right-click your price bars and then add the indicator to your price.
I can answer questions in the comments.
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//////////////////////////////////////////////////// // // Wing's Trend Lines - (Support and Resistance) // // Made by user "Wing" of ProRealCode.com // https://www.prorealcode.com/user/wing/ // ////////////////////////////////////////////////// // // Parameter: // p = 7 // 'lookback' / scale // LinesDisplayed=12 ////////////////////////////////////////////////// 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 if linesdisplayed<12 then lineb32=linet1 endif if linesdisplayed<11 then linet32=linet1 endif if linesdisplayed<10 then lineb31=linet1 endif if linesdisplayed<9 then linet31=linet1 endif if linesdisplayed<8 then lineb3=linet1 endif if linesdisplayed<7 then linet3=linet1 endif if linesdisplayed<6 then lineb21=linet1 endif if linesdisplayed<5 then linet21=linet1 endif if linesdisplayed<4 then lineb2=linet1 endif if linesdisplayed<3 then linet2=linet1 endif if linesdisplayed<2 then lineb1=linet1 endif return linet1, linet2, linet21, linet3, linet31, linet32, lineb1, lineb2, lineb21, lineb3, lineb31, lineb32 |
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Nice aproach, have you ever try to implement it for patterns recognitions, like double top/bottom?
Not yet but I plan to.
Have a look in this Forum, I got something interesting for you… https://www.prorealcode.com/topic/dobule-bottom-or-double-top
Dear Wing,
As I am a daytrader, and one of my best friend is a programmer we think your approach of support and resistance lines are really interesting! Thank you for sharing your idea! To be honest, I really would like to try it in another platform I use daily, and my friend said that he will rewrite the code to being able to use on that platform, but we would have one question before we could finish that.
Do we assume correctly that, line t1, t2 etc. are just Y coordinates for the current X value bar, or tick?!
Thank you very much
David