LuxAlgo

Parallel Pivot Lines [LUX]

Displays lines connecting past pivot high/low points with each line having the slope of a linear regression . This slope can also be controlled by the user with the 'Slope' setting. Each line can be used as a support or resistance by the user.

Settings

  • Length : Pivot length. Use higher values for having lines connected to more significant pivots points.
  • Lookback : Number of lines connecting a pivot high/low to display, with a total of lines equal to Lookback*2
  • Slope : Allows the user to multiply the linear regression slope by a number within -1 and 1

Limitations

The script has currently several real time behavior limitations. Lines are displayed retrospectively and will not update with the arrival of new bars. Readjusting the indicator to newer pivots will require the user to either hide/unhide the indicator or change its settings.

High Length or Lookback values might not return any lines if the location of a pivot point is outside the defined buffer size of the indicator (set as 5000 bars).

How To Use

The indicator can be used to get supports and resistances and is more so closer to a drawing tool due to its limitations. The lines not updating with the arrival of new bars have the advantage of providing fixed supports/resistances.

The Slope setting allows the user to control the angle and direction of the lines. Using a Slope of 1 will return lines with the same slope as the one of a linear regression fit from the farthest pivot point displayed by the indicator to the most recent bar.


The chart above shows the indicators and a linear regression in orange.


If you want to have horizontal lines, use a Slope equal to 0.


Finally using a negative slope value will allow the user to have lines in opposite directions to the main trend.

Conclusion

We hope you like this indicator (drawing tool) and find it useful for drawing your support & resistances in a unique way!
오픈 소스 스크립트

진정한 TradingView의 정신에 따라, 이 스크립트의 작성자는 스크립트를 오픈소스로 게시했기에 거래자들이 이해하고 확인할 수 있습니다. 작가님께 건배! 스크립트를 무료로 사용할 수 있지만, 게시물에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 당신은 스크립트를 차트에 사용하기 위해 그것을 즐겨찾기 할 수 있습니다.

차트에 이 스크립트를 사용하시겠습니까?
Get instant access to our premium indicators: https://LuxAlgo.com

Full guides & documentation: https://docs.luxalgo.com

Join our Discord: https://discord.gg/LUX

코멘트

Cheers!
100 코인
응답
thanx for that good work so can we use it any time frame
+3 응답
alexgrover naba_naif
@naba_naif, yep, the indicator should be compatible with any tf :)
+2 응답
This is so unique and nice; Appreciated your generosity sir <3
+3 응답
LuxAlgo ICEKI
@ICEKI, Cheers!
+3 응답
didn't know about varip. That's pretty nice. I appreciate the contribution
+2 응답
LuxAlgo kurtsmock
@kurtsmock, Thank you & enjoy :)
응답
Beautiful :3
+2 응답