Based on Dow Theory, a series of successive higher highs (HH) and higher lows (HL) is the sign of an uptrend (bull trend) and a series of successive lower highs (LH) and lower lows (LL) is the sign of a downtrend (bear trend). So this script indicates the trends using the concept and draws corresponding trend lines. It took some effort to make it possible for users to see as many trend lines as they wish. Eventually the user could set the number alongside some other options in the indicator settings. Use the script and send me your thoughts!
Versionshinweise
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Fixed some line calculation bugs!
Versionshinweise
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- A tweak to the line calculations!
Versionshinweise
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Fixed another line calculation bug!
Versionshinweise
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- Added Multi-TimeFrame Capability Now users could check trend lines from other time frames on the current chart. Trend lines from other time frames may not be as precise as expected on the current time frame, but they are useful for sure.
Versionshinweise
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- Cleaned the code!
Versionshinweise
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- Added an output signal which might be used as external source in other indicators; '1' means "Uptrend", '-1' means "Downtrend" and '0' means "No Detected Trend". To use the feature you can see this: tradingview.com/support/solutions/43000474048-how-do-i-apply-an-indicator-or-strategy-to-another-indicator/ Or if you are a Pine coder, you can use the external source in your scripts by adding some line like the following to your code: xSrc = input(close, "External Source") and then change the source in your indicator settings to "LH-LL/HL-HH Trend: Plot".
This indicator is a game changer man. When I have the money I'll give you some coin because this is phenomenal. I can't say that of many things here.
informanerd
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@SoAmusing777, Thank you very much. I received your encouragement already. If you think so, I may work on making it better, and I welcome your opinions.
SoAmusing777
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@informanerd, Awesome :) Honestly, I'm not sure what to add. It auto adjusts the lines and if I wanna see multiple time frame i just click the other time frame up above rather than having all the lines in one place on one time frame. still, it would be cool to have two timeframes of lines at a time and be able to set their color to differentiate from them.
informanerd
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@SoAmusing777, Of course! I've had some issues combining 2 time frames, but I'll work on that for sure. Thanks.
Can anyone please explain what is the condition to enter in a trend for long or short sides. I understood this indicator 50% but still if anyone can explain it better, so it will be helpful. Thanks in advmce
ukmpits
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@informanerd Sirz would you like to suggest, what indicator that suit with this one? As a combination.. Thanks mate