LH-LL/HL-HH Confirmation Trend Line

2021년 3월 26일

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!

2021년 3월 27일

릴리즈 노트

Fixed some line calculation bugs!

2021년 4월 20일

릴리즈 노트

- A tweak to the line calculations!

2021년 4월 20일

릴리즈 노트

Fixed another line calculation bug!

2021년 4월 23일

릴리즈 노트

- 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.

2021년 6월 13일

릴리즈 노트

- Cleaned the code!

2021년 7월 9일

릴리즈 노트

- 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".