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This is a custom Tradingview indicator that automatically plots descending trend lines above price bars. It will alert when the price closes above the trend line.
The concept is straightforward: the trend line is formed by two adjacent peaks when the price is in a downtrend. It will save a lot of time for people (just like me) who uses trendline often.
By deploying this indicator, should the condition meet, you don’t need to draw the trend lines by hand anymore. You can also consider it as a trend line reminder.
It’s also very easy to use, just load it on chart and set your desired inputs.
Features:
- Adjust the strength of the 2 peaks that form the trend line.
- Set price difference between two peaks in two variables: amount or percentage.
- Turn on/off the cross above alert.
- It works on all symbols and all timeframes.
- never paint
A detailed instruction will show you how to properly adjust each input.
By using different inputs, you can easily filter out some unwanted trend lines.
For example, in the chart below, the first 2 trend lines on the left side consist of 2 peaks which had very small price difference. Those 2 trend lines are nearly flat.
The chart in below is the same as the above one, but with a higher price different input, we can filter out these 2 flat trend lines.
You can also load more than one of this auto trend line detector, such as one for long term and another one for short term trend. Just like the chart shown in below, the aqua trend line is a longer term compared to the red ones.
