Simple Lines


Making lines is great in technical analysis since it can highlights principal movements and make the analysis of the price easier when using certain methodologies ( Elliott Waves , patterns).
However most of the indicators making lines ( Zig-Zag , simple linear regression ) are non causal (repaint), this is the challenge i tried to overcome, making an indicator capable of making lines in a smart way (able to follow price without loosing a linear approach) and with the least lag possible, i inspired myself from the behaviour of the renko when using a small brick size. This indicator does not repaint.

The code is short and i hope, understandable for all of you, making lines is not a difficult task and its important to know that when a problem appear complex it does not mean that the code used to solve this problem must be complex. Lets see the indicator in details.

The indicator

The indicator have 4 parameters, the length parameter who control the length of lines, the emphasis parameter who control the stability and also the ability to make lines closer to the price (thus minimizing the sum of squares), the mult parameter which is similar to emphasis and a point option that we will discuss later.

When emphasis and mult are both equal to 1 the indicator will sometimes draw a perfect line, however this line will try to follow the price and thus can create a noisy result.

This is where emphasis and mult will correct this behaviour. The emphasis parameter give a more periodic look as well as some control to the lines but can also destroy them.

This should not happen with mult, this parameter also give more predictability to the lines. Overall it correct the drawbacks of the parameters combinations mentioned earlier.

Its also possible to mix both the emphasis and mult parameter, but take into account that when both are equals the result consist of less reactive lengthy lines with low accuracy. Its better to only use one of them and let the other stay to 1.

Point Option

The indicator can sometimes have a weird look, appearing almost flat or just dont appearing at all. When such thing happen use the point option.

XPDUSD without point option.

with point option :

Time Frame Problem and Its Fix

When using higher time-frames the result of the indicator can appear different, in general the higher the time frame the lengthier are the lines. In order to fix this you can use decimals in the length parameter

length and mult both equal to 5.5, emphasis cant use decimals.


I have highlighted a simple way to make use of the small renko box size method in order to return reactive lines without making the indicator repaint. However Its ability to be close to the price as well as being always super reactive is not a guarantee.

For any suggestion/help feel free to pm me, i would be happy to help you :)

릴리즈 노트: Can display color based on indicator direction.


Become a Patreon and get access to exclusive technical indicators!

You can also check out some of the indicators I made for luxalgo :
오픈 소스 스크립트

이 스크립트의 오써는 참된 트레이딩뷰의 스피릿으로 이 스크립트를 오픈소스로 퍼블리쉬하여 트레이더들로 하여금 이해 및 검증할 수 있도록 하였습니다. 오써를 응원합니다! 스크립트를 무료로 쓸 수 있지만, 다른 퍼블리케이션에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 님은 즐겨찾기로 이 스크립트를 차트에서 쓸 수 있습니다.

차트에 이 스크립트를 사용하시겠습니까?