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!
Skrip open-source

Sejalan dengan semangat TradingView, penulis skrip ini telah mempublikasikannya secara open-source, sehingga para trader dapat memahami dan memverifikasinya. Salut untuk sang penulis! Anda dapat menggunakannya secara gratis, tetapi penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk dapat menggunakannya didalam sebuah chart.

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Komentar

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