OPEN-SOURCE SCRIPT
Trend Key Points
Updated
Each trend has its high and low key points that are important in the next prices. Sometimes it's hard to find out the keys with a naked eye, so I tried to code a simple indicator to marking these points also, as a bonus, to draw support and resistance lines from previous critical pivot points.
Let me explain the details with a downtrend. If we consider the previous trend, each downtrend starts with a HH and end with a LL. There are always many tries between that HH and LL to turn the trend up. This indicator counts that inner attempts. The higher the number of attempts, the more important move has been started from the beginning (HH). These numbers take their final form when the trend ends and are included in the label at the beginning of each trend.
Key points with 3 and more inner tries are consider as critical point by default but It's alterable and you can change it as you want. The indicator draws lines from critical points too, so you can use that lines as support and resistance in next candles.
Likewise, there are marks below inner LLs and above inner HHs.
This indicator idea is entirely my own and is a product I've really thought about, AND you have allowed to use and share it anywhere to anyone. I did my best to make it useful, even so I am open to any improvement. If you have an idea or a suggestion, don't forget to leave a comment.
Let me explain the details with a downtrend. If we consider the previous trend, each downtrend starts with a HH and end with a LL. There are always many tries between that HH and LL to turn the trend up. This indicator counts that inner attempts. The higher the number of attempts, the more important move has been started from the beginning (HH). These numbers take their final form when the trend ends and are included in the label at the beginning of each trend.
Key points with 3 and more inner tries are consider as critical point by default but It's alterable and you can change it as you want. The indicator draws lines from critical points too, so you can use that lines as support and resistance in next candles.
Likewise, there are marks below inner LLs and above inner HHs.
This indicator idea is entirely my own and is a product I've really thought about, AND you have allowed to use and share it anywhere to anyone. I did my best to make it useful, even so I am open to any improvement. If you have an idea or a suggestion, don't forget to leave a comment.
Release Notes
Add movement step length calculation.Release Notes
Update movement step length calculation and format the label prices.Release Notes
Calculate movement step length in percentRelease Notes
Changes:- Key lines drawing options added to options panel
- Lines width option added to options panel
- Code readability improved
Release Notes
Add title to pivotsRelease Notes
Add comments to the codeOpen-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.
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