The idea is to find Highs ( PH ) and Lows(PL) first.
Then, If current PH is smaller then previous PH (means no new higher high and possible downtrend) then draw using them. and also it checks previous (if exits) and if current angle is smaller then don't extend previous one.
Same idea when using Lows, If current PL is higher then previous PL (means no new lower low and possible uptrend) then draw using them. and also it checks previous (if exits) and if current angle is smaller then don't extend previous one.
Optionally style of old drawn as dashed.
Hope you enjoy it!
added color options for up/downtrend lines
changed pivot point label color
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 a publication is governed by House Rules. You can favorite it to use it on a chart.