- Length : length. Use higher values for having lines connected to more significant points.
- Lookback : Number of lines connecting a high/low to display, with a total of lines equal to Lookback*2
- Slope : Allows the user to multiply the slope by a number within -1 and 1
The script has currently several real time behavior limitations. Lines are displayed retrospectively and will not update with the arrival of new bars. Readjusting the indicator to newer will require the user to either hide/unhide the indicator or change its settings.
High Length or Lookback values might not return any lines if the location of a is outside the defined buffer size of the indicator (set as 5000 bars).
How To Use
The indicator can be used to get supports and resistances and is more so closer to a drawing tool due to its limitations. The lines not updating with the arrival of new bars have the advantage of providing fixed supports/resistances.
The Slope setting allows the user to control the angle and direction of the lines. Using a Slope of 1 will return lines with the same slope as the one of a fit from the farthest displayed by the indicator to the most recent bar.
The chart above shows the indicators and a in orange.
If you want to have horizontal lines, use a Slope equal to 0.
Finally using a negative slope value will allow the user to have lines in opposite directions to the main trend.
We hope you like this indicator (drawing tool) and find it useful for drawing your support & resistances in a unique way!
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 a publication is governed by House Rules. You can favorite it to use it on a chart.