OPEN-SOURCE SCRIPT
Pivot Trendlines with Breaks [HG]
Updated
🧾 Pivot Trendlines and Breaks
A script meant to debut and provide an example usage of the Simple Trendlines library using Pine Script's built-in pivot system.
In under 50 lines of code, with inputs, plots, styling, and alerts included we're able to create trendlines with a breakout system.
▶️ How it works
Calculating pivot points helps traders identify moments at which the market's attitude can shift from bullish to bearish. In the background, the script tracks pivot events for trendlines and uses a system that prevents any leakage between the trendlines before they are drawn.
⚫️ Settings
⚫️ Alerts
A script meant to debut and provide an example usage of the Simple Trendlines library using Pine Script's built-in pivot system.
In under 50 lines of code, with inputs, plots, styling, and alerts included we're able to create trendlines with a breakout system.
▶️ How it works
Calculating pivot points helps traders identify moments at which the market's attitude can shift from bullish to bearish. In the background, the script tracks pivot events for trendlines and uses a system that prevents any leakage between the trendlines before they are drawn.
⚫️ Settings
- Pivot Length
- Color Adjustments
⚫️ Alerts
Release Notes
Refactor- Runtime performance increase.
Release Notes
Added- Repaint options
- More style options
Release Notes
Update- Maximum line display count is now set as default.
- The indicator now features newly displayed target levels.
Release Notes
Add- More Input Options
- Ability to choose an external source, giving the script a more "universal" feel. Users now have the freedom to choose the way they want their breakouts to be, with the "Use Source for Cross Detection" input.
- Introducing an optional faster pivot system, the same one used in RSI Trendlines with Breakouts
Here's an example image of the script calculating trendlines with breaks on the TEMA. Now possible with this update.
While the code is no longer around 50 lines as stated in the main description, the indicator is structured and extended to provide developers with examples of how the Simple Trendlines library can be used.
Release Notes
Refactor- Removed old pivot system in favor of Pine Script's built-in pivot system. Leading to run-time performance increase and more accurate results.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.