OPEN-SOURCE SCRIPT
TrendLine Scythes
Updated
Trendline Scythes is a script designed to automatically detect and draw special curved trendlines, resembling scythes or blades, based on pivotal points in price action. These trendlines adapt to the volatility of the market, providing a unique perspective on trend dynamics.
🔲 Methodology
Traditional trendlines connect consecutive pivot points on a price chart, providing a linear representation of trend direction. However, this script employs a distinctive methodology by automatically detecting price pivots and then calculating special curved trendlines based on the Average True Range (ATR) of the price. This introduces a curvature to the trendlines, resembling scythes, offering a unique way to interpret market trends.
🔲 Auto Breakout and Target Detection
Trendline Scythes includes features for automatic breakout detection, signaling potential trend changes. Additionally, the script assists in target detection, helping traders set realistic and data-driven profit-taking levels based on market volatility and user adjustment.
🔲 Utility
🔲 Settings
🔲 Alerts
Trendline Scythes is a versatile tool combining the benefits of traditional trendlines with the dynamic adaptability of curved lines for a unique approach to trend analysis.
🔲 Methodology
Traditional trendlines connect consecutive pivot points on a price chart, providing a linear representation of trend direction. However, this script employs a distinctive methodology by automatically detecting price pivots and then calculating special curved trendlines based on the Average True Range (ATR) of the price. This introduces a curvature to the trendlines, resembling scythes, offering a unique way to interpret market trends.
🔲 Auto Breakout and Target Detection
Trendline Scythes includes features for automatic breakout detection, signaling potential trend changes. Additionally, the script assists in target detection, helping traders set realistic and data-driven profit-taking levels based on market volatility and user adjustment.
🔲 Utility
- Trend Confirmation - Use Trendline Scythes to confirm existing trends by observing how price interacts with the curved trendlines.
- Breakout Signals - Auto-detection of breakouts adds a proactive element to your trading strategy, helping you stay ahead of potential trend reversals.
- Target Setting - Utilize the script to set profit-taking targets based on volatility, aligning with the current market conditions.
🔲 Settings
- Pivot Length - Swing detection length
- Scythe Length - Adjusts the length of the scythes blade
- Sensitivity - Controls how restrained the target calculation is, higher values will result in tighter targets.
🔲 Alerts
- Breakout
- Breakdown
- Target Reached
- Target Invalidated
As well as the option to trigger 'any alert' call.
Trendline Scythes is a versatile tool combining the benefits of traditional trendlines with the dynamic adaptability of curved lines for a unique approach to trend analysis.
Release Notes
Added option to display only the most recent Scythe and it's target.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.
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.