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Automatically draw fashion lines.

EURUSD Demo version. The full version works on almost any money pair.

This index automatically draws trend lines on your graph. 

The index creates up to 8 trend lines, both resistance and support by analysing four sets of bars on the chart. Having multiple different trend lines helps us decrease the risk of a position where we’re moving between resistance and support in a timeframe, oblivious that support and resistance on a different timeframe could take the market in the wrong direction. additionally, it makes it easy to spot possible channels on the chart.

The first set support and resistance lines are created by looking at the chart’s first 50 bars. The second set is from 200 bars on the chart. The third is 400 with the final pair of trends lines made by analysing 600 bars.

Been able to see different trend lines at a glance makes it easier to manage your trade, making it more profitable and avoiding loss.

You can specify if you are looking for either an upward or downward trend for each set or allow the chart to decide on the best direction.

An on-screen window allows you to change the direction without having to reload the chart. It also provides feedback.

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Unlike other trend line generators, this indicator won’t show broken trend lines. Always updating with every new bar to offer the best trend lines it can find.

Setting

You can change the direction settings on screen as well as when the indicator is loaded.

Direction of large trend?

 -> Best fit trend lines (Allow the indicator to decided)

 -> Look for upward trend lines

 -> Look for downward trend lines

Direction of medium trend?

 -> Best fit trend lines (Allow the indicator to decided)

 -> Look for upward trend lines

 -> Look for downward trend lines

Direction of small trend?

 -> Best fit trend lines (Allow the indicator to decided)

 -> Look for upward trend lines

 -> Look for downward trend lines

Direction of mini trend?

 -> Best fit trend lines (Allow the indicator to decided)

 -> Look for upward trend lines

 -> Look for downward trend lines

Colour settings:

Color of the long resistance line -> default value Crimson.

Color of the long support line -> default value Crimson.

Color of the medium resistance line -> default value Yellow.

Color of the medium support line -> default value Yellow.

Color of the short resistance line -> default value Lime.

Color of the short support line -> default value Lime.

Color of the mini resistance line -> default value Aqua.

Color of the mini support line -> default value Aqua.

Should the interface appear?

-> Show the interface

-> Hide the interface (This is the default)

Avoid lines which are unlikely to be hit? 

 -> True (default)

 -> False – Use the original formula.

 

Percentage of bad lines to allow (5 max)

Allow for a percentage of bad bars to be ignored. Setting this to a value greater than zero will stop lines becoming invalid as soon as a bar breaks them. Instead, it will allow a number (percentage) of bars to break the resistance line before it becomes invalid.

-> A number between 0 (default) and 5. If you enter more than 5, 5 is used.


If you have any thoughts or ideas on improving this indicator, please don’t hesitate to contact me.

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Published

02 November 2020

Updated

09 January 2021

Current Version

1.7

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