Trend lines super

The Trend lines super indicator automatically identifies and plots significant trend lines based on price pivot points to help traders visualize market structure and trend direction.

Usage

The Usage section describes how the script can be used to identify key technical levels. By analyzing recent highs and lows, the tool draws support and resistance lines that require a specific number of touches to be validated.

• Trend Following: Users can follow the direction of the plotted lines to align with the current market momentum.
• Breakout Identification: The script tracks price interaction with these lines. A close above a resistance line or below a support line can indicate a potential breakout or trend reversal.
• Pivot Visualization: The tool optionally highlights the underlying pivot points (highs and lows) used to construct the lines, providing clarity on the structural significance of each level.

Details

The script utilizes a lookback period to identify "pivot highs" and "pivot lows." It stores a set number of these pivots in memory and performs geometric calculations to find lines that connect at least three points (by default).

The algorithm includes a "tolerance" parameter, which allows for slight price deviations from the mathematical line, acknowledging that real-world markets rarely hit levels with 100% precision. Furthermore, the indicator includes validation logic to ensure that a line is not plotted if the price has already significantly "broken" through it historically, ensuring only currently relevant trend lines are displayed.

Settings

• Pivot Period: Defines the number of bars used to identify a local high or low point.
• Max Pivots in Memory: Determines how many historical pivot points the script evaluates to find potential trend lines.
• Max Lines per Type: Controls the maximum number of support or resistance lines displayed on the chart simultaneously.
• Min Touches for Line: Sets the required number of pivot points that must align to form a valid trend line.
• Deviation Tolerance (%): Adjusts how much price can deviate from the line while still being counted as a "touch."
• Show Lines: Toggles the visibility of the trend lines.
• Show Pivot Points: Toggles the visibility of the triangle shapes marking the pivots.
• Support/Resistance Color: Customizes the visual color for bullish support and bearish resistance lines.

FAQ

How do I interpret the lines drawn by the Trend lines super indicator?

Lines connecting lows (Support) suggest areas where buying interest has historically emerged, while lines connecting highs (Resistance) suggest areas where selling pressure has occurred.

Can I set alerts for when price breaks a trend line?

Yes, the script includes built-in alert conditions that trigger when the price closes above a resistance line or below a support line.

How do I get access to this tool?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.