INVITE-ONLY SCRIPT
Auto Trendline, Downtrend Descending Trend line indicator
This is a customized Tradingview indicator will automatically plots descending trend lines which formed by two adjacent swing lows. It will also draw 5 extended resistance and support levels after the trend line detected.
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.
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
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Patternsmart for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
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Disclaimer
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