Auto Trendline, Downtrend Descending Trend line indicator
The concept is simple: the trend line is formed by two adjacent troughs when the price is in a downtrend . It will save a lot of time for people (like me) who uses trendline very often.
By deploying this indicator, should the condition meet, you don't need to draw the trend lines by hand anymore. It's also very easy to use, just load it on chart and set your desired inputs.
Features:
Strength, this parameter is used to define the minimum number of bars to the left and right side of the troughs (swing low point).
Set price difference between two troughs in two variables: amount or percentage.
Enable/disable the extended level lines.
By using different inputs, you can easily filter out some unwanted trend lines.
It's recommended to use small value for price difference input on intraday chart, and use relatively large value on Daily chart.
The choice of price difference value input also depends on the market you work on, you may want to use small value on Forex market and use large value on Stock market.
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact Patternsmart directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
Disclaimer
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact Patternsmart directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.