Trend Key Points

2021년 6월 27일

Each trend has its high and low key points that are important in the next prices. Sometimes it's hard to find out the keys with a naked eye, so I tried to code a simple indicator to marking these points also, as a bonus, to draw support and resistance lines from previous critical pivot points.

Let me explain the details with a downtrend. If we consider the previous trend, each downtrend starts with a HH and end with a LL. There are always many tries between that HH and LL to turn the trend up. This indicator counts that inner attempts. The higher the number of attempts, the more important move has been started from the beginning (HH). These numbers take their final form when the trend ends and are included in the label at the beginning of each trend.

Key points with 3 and more inner tries are consider as critical point by default but It's alterable and you can change it as you want. The indicator draws lines from critical points too, so you can use that lines as support and resistance in next candles.

Likewise, there are marks below inner LLs and above inner HHs.

This indicator idea is entirely my own and is a product I've really thought about, AND you have allowed to use and share it anywhere to anyone. I did my best to make it useful, even so I am open to any improvement. If you have an idea or a suggestion, don't forget to leave a comment.

2021년 6월 28일

릴리즈 노트

Add movement step length calculation.

2021년 7월 3일

릴리즈 노트

Update movement step length calculation and format the label prices.

2021년 7월 5일

릴리즈 노트

Calculate movement step length in percent

2021년 7월 12일

릴리즈 노트

Changes:
- Key lines drawing options added to options panel
- Lines width option added to options panel
- Code readability improved

2021년 7월 15일

릴리즈 노트

Add title to pivots

2023년 7월 1일

릴리즈 노트

Add comments to the code

9월 20일

릴리즈 노트

Upgrade to PineScript v6