LH-LL/HL-HH Confirmation Trend Line

26 Mar 2021

Based on Dow Theory, a series of successive higher highs (HH) and higher lows (HL) is the sign of an uptrend (bull trend) and a series of successive lower highs (LH) and lower lows (LL) is the sign of a downtrend (bear trend).
So this script indicates the trends using the concept and draws corresponding trend lines.
It took some effort to make it possible for users to see as many trend lines as they wish. Eventually the user could set the number alongside some other options in the indicator settings.
Use the script and send me your thoughts!

27 Mar 2021

Sürüm Notları

Fixed some line calculation bugs!

20 Nis 2021

Sürüm Notları

- A tweak to the line calculations!

20 Nis 2021

Sürüm Notları

Fixed another line calculation bug!

23 Nis 2021

Sürüm Notları

- Added Multi-TimeFrame Capability
Now users could check trend lines from other time frames on the current chart. Trend lines from other time frames may not be as precise as expected on the current time frame, but they are useful for sure.

13 Haz 2021

Sürüm Notları

- Cleaned the code!

9 Tem 2021

Sürüm Notları

- Added an output signal which might be used as external source in other indicators; '1' means "Uptrend", '-1' means "Downtrend" and '0' means "No Detected Trend".
To use the feature you can see this: tradingview.com/support/solutions/43000474048-how-do-i-apply-an-indicator-or-strategy-to-another-indicator/
Or if you are a Pine coder, you can use the external source in your scripts by adding some line like the following to your code:
xSrc = input(close, "External Source")
and then change the source in your indicator settings to "LH-LL/HL-HH Trend: Plot".