Power Trends [UkutaLabs]

7월 13일

█ OVERVIEW

The Power Trends Indicator is a versatile trading toolkit that offers unique insight into key price levels in the market. This script uses currently relevant price-action information to automatically detect pivot levels and use them to create powerful trendlines.

The aim of this script is to improve the trading experience of users by offering a versatile toolkit that can be used in a wide variety of trading strategies to help simplify the complexities of the market.


█ USAGE

The Power Trends Indicator will automatically identify pivot points in real-time using recent price-action information to ensure that all points being identified are relevant. Using these pivot points, the script then draws powerful trend lines that can be used as levels of resistance and support.

To ensure that only the most relevant information is being presented, only the most recent trend lines will be displayed on the user’s charts. As new trend lines are being drawn, older trend lines will become thinner so that traders can identify the most relevant lines at a glance.

The price of the most recent high and low pivot points will also be displayed on the chart and can be used as further levels of resistance and support.

When a recent pivot level is broken, it will be identified as a Break of Structure. This signifies that there may have been a change in market strength.

The Power Trends Indicator also supports multiple time frame mapping, allowing you to mirror the trend lines that would be drawn on higher time frame charts onto lower time frame charts. This feature allows traders to be aware of the market structure of multiple charts at a glance from a single chart.

When mirroring some higher time frame trend lines, lines may appear to not align properly with current time frame bars. This is done intentionally to ensure lines are being drawn accurately to their position on the higher time frame charts.


█ SETTINGS

Current Time Frame

• Display (On/Off): Determines whether or not trend lines are drawn from the current time frame.
• High Color: Determines the color of trend lines drawn on high pivots.
• Low Color: Determines the color of trend lines drawn on low pivots.

5 Minute (Higher Time Frame)

• Display (On/Off): Determines whether or not trend lines are drawn from the 5 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 5 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 5 minute higher time frame.

15 Minute (Higher Time Frame)

• Display (On/Off): Determines whether or not trend lines are drawn from the 15 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 15 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 15 minute higher time frame.

30 Minute (Higher Time Frame)

• Display (On/Off): Determines whether or not trend lines are drawn from the 30 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 30 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 30 minute higher time frame.

60 Minute (Higher Time Frame)

• Display (On/Off): Determines whether or not trend lines are drawn from the 60 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 60 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 60 minute higher time frame.

240 Minute (Higher Time Frame)

• Display (On/Off): Determines whether or not trend lines are drawn from the 240 minute higher time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the 240 minute higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the 240 minute higher time frame.

Daily (Higher Time Frame)

• Display (On/Off): Determines whether or not trend lines are drawn from the daily time frame.
• High Color: Determines the color of trend lines drawn on high pivots from the daily higher time frame.
• Low Color: Determines the color of trend lines drawn on low pivots from the daily higher time frame.

8월 18일

릴리즈 노트

- Added new settings: Line 1 Style, Line 2 Style and Line 3 Style. These settings allows the user to change the style of the Power Trend lines.