OPEN-SOURCE SCRIPT
Trend Lines with Break Signals [UAlgo]
Updated
🔶 Description:
The "Trend Lines with Breaks [UAlgo]" indicator is designed to identify and visualize trend lines on a price chart, allowing traders to observe potential trend reversals or continuations. This script implements a method to draw trend lines based on pivot points (highs and lows) within a specified sensitivity range. It also provides an option to display breaks in these trend lines, aiding traders in recognizing significant market movements.
🔶 Key Features:
Trend Line Sensitivity Adjustment: Users can adjust the sensitivity of the trend lines using the "Trend Line Sensitivity" parameter, allowing customization based on market conditions and preferences.
Visualization of Trend Lines: The indicator visually represents trend lines on the chart, distinguishing between upward and downward trends. Users can customize the appearance of these trend lines, including color, style, and width.
Detection of Trend Line Breaks: Trend line breaks are identified by comparing the current price with the slope of the trend line. If the price breaks below (for bullish trend lines) or above (for bearish trend lines) the slope of the trend line, indicating a potential reversal, a "B" label is displayed on the chart. Trend line breaks are only displayed if the "showBreaks" parameter is enabled.
Before Bearish Trend Line Break :
If the price "Close" value closes above the trend line :
Before Bullish Trend Line Break :
If the price "Close" value closes below the trend line :
🔶 Disclaimer:
Not Financial Advice: This indicator is intended for educational and informational purposes only. It does not constitute financial advice or recommendations to buy, sell, or hold any financial instruments.
Use at Own Risk: Trading involves substantial risk of loss and is not suitable for all investors. Users of this indicator should exercise caution and conduct their own research and analysis before making any trading decisions.
Performance Not Guaranteed: Past performance is not indicative of future results. While the indicator aims to assist traders in analyzing market trends, there is no guarantee of accuracy or success in trading operations.
The "Trend Lines with Breaks [UAlgo]" indicator is designed to identify and visualize trend lines on a price chart, allowing traders to observe potential trend reversals or continuations. This script implements a method to draw trend lines based on pivot points (highs and lows) within a specified sensitivity range. It also provides an option to display breaks in these trend lines, aiding traders in recognizing significant market movements.
🔶 Key Features:
Trend Line Sensitivity Adjustment: Users can adjust the sensitivity of the trend lines using the "Trend Line Sensitivity" parameter, allowing customization based on market conditions and preferences.
Visualization of Trend Lines: The indicator visually represents trend lines on the chart, distinguishing between upward and downward trends. Users can customize the appearance of these trend lines, including color, style, and width.
Detection of Trend Line Breaks: Trend line breaks are identified by comparing the current price with the slope of the trend line. If the price breaks below (for bullish trend lines) or above (for bearish trend lines) the slope of the trend line, indicating a potential reversal, a "B" label is displayed on the chart. Trend line breaks are only displayed if the "showBreaks" parameter is enabled.
Before Bearish Trend Line Break :
If the price "Close" value closes above the trend line :
Before Bullish Trend Line Break :
If the price "Close" value closes below the trend line :
🔶 Disclaimer:
Not Financial Advice: This indicator is intended for educational and informational purposes only. It does not constitute financial advice or recommendations to buy, sell, or hold any financial instruments.
Use at Own Risk: Trading involves substantial risk of loss and is not suitable for all investors. Users of this indicator should exercise caution and conduct their own research and analysis before making any trading decisions.
Performance Not Guaranteed: Past performance is not indicative of future results. While the indicator aims to assist traders in analyzing market trends, there is no guarantee of accuracy or success in trading operations.
Release Notes
License added.Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Join Our Discord For Updates: discord.com/invite/kyQkKxUQkW
All scripts & Content Provided by UAlgo Are For Informational & Educational Purposes Only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.