Simple Parallel Channel Tracker

9시간 전

This script will automatically draw price channels with two parallel trends lines, the upper trendline and lower trendline. These lines can be changed in terms of appearance at any time.

The Script takes in fractals from local and historic price action points and connects them over a certain period or amount of candles as inputted by the user. It tracks the most recent highs and lows formed and uses this data to determine where the channel begins.

The Script will decide whether to use the most recent high, or low, depending on what comes first.

Why is this useful?

Often, Traders either have no trend lines on their charts, or they draw them incorrectly. Whichever category a trader falls into, there can only be benefits from having Trend lines and Parallel Channels drawn automatically.

Trends naturally occur in all Markets, all the time. These oscillations when tracked allow for a more reliable following of Markets and management of Market cycles.