Indicator · Pine Script v4 · On the chart

Trend Levels Indicator (my)

by DaniilOkrug· code credited to icewalk

This overlay indicator identifies pivot highs and pivot lows based on customizable left and right bar lookback settings.

View on GitHub

Repaints

GitHub stars2on the repository
Pine versionv4older, still runs
Lines of code70
Settings4inputs
LicenceMIT
Last update4 years ago15 Dec 2021

Add It to Your TradingView Chart

  1. 1Copy the scriptPress Copy script above, or the copy button on the code below.
  2. 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
  3. 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
  4. 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

70 lines of Pine Script v4 from trend levels indicator(my).txt, published under MIT. Keep the author's credit and licence lines when you reuse it.

trend levels indicator(my).txt
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © icewalk

//@version=4
study("trend levels indicator(my)", overlay=true)

leftbars = input(100, minval=1, title='Pivot Detection: Left Bars')
rightbars = input(15, minval=1, title='Pivot Detection: Right Bars')
showTrend = input(true, title='Show Trend Lines')
showPivotsConnection = input(true, title='Show Pivot Connections')


pivotHigh = pivothigh(high, leftbars, rightbars)
pivotLow = pivotlow(low, leftbars, rightbars)

pivotHighValue1 = valuewhen(pivotHigh, high[rightbars], 0)
pivotHighBar1 = valuewhen(pivotHigh, bar_index[rightbars], 0)
pivotHighValue2 = valuewhen(pivotHigh, high[rightbars], 1)
pivotHighBar2 = valuewhen(pivotHigh, bar_index[rightbars], 1)

pivotLowValue1 = valuewhen(pivotLow, low[rightbars], 0)
pivotLowBar1 = valuewhen(pivotLow, bar_index[rightbars], 0)
pivotLowValue2 = valuewhen(pivotLow, low[rightbars], 1)
pivotLowBar2 = valuewhen(pivotLow, bar_index[rightbars], 1)
    
plotshape(pivotHigh, style = shape.circle, location = location.abovebar, color = color.green,  title = 'Pivot High', offset = -rightbars)
plotshape(pivotLow, style = shape.circle,   location = location.belowbar, color = color.blue, title = 'Pivot Low',  offset = -rightbars)

plot(pivotHigh and showPivotsConnection ? high[rightbars] : na, color=color.green, offset=-rightbars)
plot(pivotLow and showPivotsConnection ? low[rightbars] : na, color=color.red, offset=-rightbars)

get_slope(x1,x2,y1,y2)=>
    m = (y2-y1)/(x2-x1)
 
get_interceptY(m, x1, y1)=>
    b=y1-m*x1

get_y(m, b, ts)=>
    Y = m * ts + b

int   resistance_x1 = na, int   support_x1 = na
float resistance_y1 = na, float support_y1 = na
int   resistance_x2 = na, int   support_x2 = na
float resistance_y2 = na, float support_y2 = na

resistance_x1 := pivotHigh ? pivotHighBar1 : resistance_x1[1]
resistance_y1 := pivotHigh ? pivotHighValue1 : resistance_y1[1]
resistance_x2 := pivotHigh ? pivotHighBar2 : resistance_x2[1]
resistance_y2 := pivotHigh ? pivotHighValue2 : resistance_y2[1]

resistance_m = get_slope(resistance_x1, resistance_x2, resistance_y1, resistance_y2)
resistance_b = get_interceptY(resistance_m, resistance_x1, resistance_y1)
resistance_y = get_y(resistance_m, resistance_b, bar_index)

support_x1 := pivotLow ? pivotLowBar1 : support_x1[1]
support_y1 := pivotLow ? pivotLowValue1 : support_y1[1]
support_x2 := pivotLow ? pivotLowBar2 : support_x2[1]
support_y2 := pivotLow ? pivotLowValue2 : support_y2[1]

support_m = get_slope(support_x1, support_x2, support_y1, support_y2)
support_b = get_interceptY(support_m, support_x1, support_y1)
support_y = get_y(support_m, support_b, bar_index)

plot(showTrend ? resistance_y : na, color=color.lime, title='Resistance line', linewidth=1, style=plot.style_circles, display = display.all)
plot(showTrend ? support_y : na, color=color.red, title='Support line', linewidth=1, style=plot.style_circles, display = display.all)

if pivotHigh
    line.new(showPivotsConnection ? pivotHighBar1 : na, pivotHighValue1, bar_index, resistance_y, style = line.style_dashed, color = color.blue)
if pivotLow
    line.new(showPivotsConnection ? pivotLowBar1 : na, pivotLowValue1, bar_index, support_y, style = line.style_dashed, color = color.blue)

Overview

Trend Levels Indicator (my) calculates trend slopes and y-intercepts to project dynamic support and resistance trend lines directly onto the price chart. Users can customize pivot connections, plot offset markers, and toggle support or resistance visual lines. Because pivot points rely on right-side confirmation bars, markers are plotted retrospectively on historical bars.

Details

Published by

DaniilOkrug on GitHub

Code credit

icewalk, as written in the script's header

Type

Indicator, Pine Script v4

Draws

On the price chart

Category

Support & resistance, Trend

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

  • Signals can change on the live bar or after it closes (repainting)

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

SettingTypeDefaultVariable
Pivot Detection: Left Barsint100leftbars
Pivot Detection: Right Barsint15rightbars
Show Trend LinesbooltrueshowTrend
Show Pivot ConnectionsbooltrueshowPivotsConnection
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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