OPEN-SOURCE SCRIPT
Trend Lines by Pivots (Enhanced)

### **📌 Detailed Explanation of the TradingView Indicator Code**
This **Pine Script v5** indicator automatically **detects trend lines** based on pivot highs and pivot lows. It helps traders visualize **support and resistance levels** using dynamic trend lines.
---
## **🔹 How the Indicator Works**
The indicator identifies **key pivot points** in price action and then **draws trend lines** connecting them. It works as follows:
1. **Detects Pivot Highs and Lows**:
- A **pivot high** is a local maximum where the price is higher than surrounding bars.
- A **pivot low** is a local minimum where the price is lower than surrounding bars.
2. **Stores the Last Two Pivot Points**:
- The script remembers the last **two pivot highs** and **two pivot lows**.
- These points are used to **draw resistance and support lines** dynamically.
3. **Plots Resistance and Support Lines**:
- The script continuously **updates** and **extends** the trend lines to the right as new pivots are found.
- **Red Line (Resistance):** Connects the last two pivot highs.
- **Green Line (Support):** Connects the last two pivot lows.
---
## **🔹 Code Breakdown**
### **1️⃣ Inputs for User Customization**
```pinescript
leftLen = input.int(2, "Left Pivot Length")
rightLen = input.int(2, "Right Pivot Length")
highLineColor = input.color(color.red, "Resistance Line Color")
lowLineColor = input.color(color.green, "Support Line Color")
```
- **leftLen & rightLen:** Define how many bars on the left and right should be used to confirm a pivot.
- **highLineColor:** Sets the color of the resistance trend line (default: **red**).
- **lowLineColor:** Sets the color of the support trend line (default: **green**).
---
### **2️⃣ Detect Pivot Highs & Lows**
```pinescript
pivotHigh = ta.pivothigh(leftLen, rightLen)
pivotLow = ta.pivotlow(leftLen, rightLen)
```
- `ta.pivothigh(leftLen, rightLen)`: Detects a **pivot high** if it's the highest price in a certain range.
- `ta.pivotlow(leftLen, rightLen)`: Detects a **pivot low** if it's the lowest price in a certain range.
---
### **3️⃣ Store the Last Two Pivot Points**
#### **🔺 Storing Resistance (Pivot Highs)**
```pinescript
var float lastPivotHigh1 = na
var int lastPivotHighIndex1 = na
var float lastPivotHigh2 = na
var int lastPivotHighIndex2 = na
```
- These variables store **the last two pivot highs** and their **bar indices** (position on the chart).
#### **🔻 Storing Support (Pivot Lows)**
```pinescript
var float lastPivotLow1 = na
var int lastPivotLowIndex1 = na
var float lastPivotLow2 = na
var int lastPivotLowIndex2 = na
```
- These variables store **the last two pivot lows** and their **bar indices**.
---
### **4️⃣ Update Pivot Points When New Ones Are Found**
#### **Updating Resistance (Pivot Highs)**
```pinescript
if not na(pivotHigh)
lastPivotHigh2 := lastPivotHigh1
lastPivotHighIndex2 := lastPivotHighIndex1
lastPivotHigh1 := pivotHigh
lastPivotHighIndex1 := bar_index - rightLen
```
- If a new **pivot high** is found:
- The **previous pivot** becomes `lastPivotHigh2`.
- The **new pivot** becomes `lastPivotHigh1`.
- The index (`bar_index - rightLen`) marks where the pivot occurred.
#### **Updating Support (Pivot Lows)**
```pinescript
if not na(pivotLow)
lastPivotLow2 := lastPivotLow1
lastPivotLowIndex2 := lastPivotLowIndex1
lastPivotLow1 := pivotLow
lastPivotLowIndex1 := bar_index - rightLen
```
- Similar to pivot highs, this section updates **pivot lows** dynamically.
---
### **5️⃣ Create and Update Trend Lines**
#### **🔺 Drawing the Resistance Line**
```pinescript
var line highLine = na
if not na(lastPivotHigh2) and not na(lastPivotHigh1)
if na(highLine)
highLine := line.new(lastPivotHighIndex2, lastPivotHigh2, lastPivotHighIndex1, lastPivotHigh1, color=highLineColor, extend=extend.right)
else
line.set_xy1(highLine, lastPivotHighIndex2, lastPivotHigh2)
line.set_xy2(highLine, lastPivotHighIndex1, lastPivotHigh1)
line.set_color(highLine, highLineColor)
```
- If **two pivot highs** exist:
- **First time:** Creates a new **resistance line** connecting them.
- **Updates dynamically:** Adjusts the line when a new pivot appears.
#### **🔻 Drawing the Support Line**
```pinescript
var line lowLine = na
if not na(lastPivotLow2) and not na(lastPivotLow1)
if na(lowLine)
lowLine := line.new(lastPivotLowIndex2, lastPivotLow2, lastPivotLowIndex1, lastPivotLow1, color=lowLineColor, extend=extend.right)
else
line.set_xy1(lowLine, lastPivotLowIndex2, lastPivotLow2)
line.set_xy2(lowLine, lastPivotLowIndex1, lastPivotLow1)
line.set_color(lowLine, lowLineColor)
```
- Same logic applies for **support levels**, creating or updating a **green trend line**.
---
## **🔹 How to Use This Indicator**
1. **Apply the script in TradingView**:
- Open **Pine Script Editor** → Paste the code → Click **"Add to Chart"**.
2. **Interpret the Lines**:
- **Red line (Resistance):** Price may struggle to break above it.
- **Green line (Support):** Price may bounce off it.
3. **Trading Strategy**:
- **Breakout Strategy:**
- If the price **breaks resistance**, expect a bullish move.
- If the price **breaks support**, expect a bearish move.
- **Reversal Trading:**
- Look for **bounces off support/resistance** for potential reversals.
---
## **🔹 Key Features of This Indicator**
✅ **Automatically detects pivot highs and lows.**
✅ **Draws real-time trend lines for support and resistance.**
✅ **Updates dynamically with new price action.**
✅ **Customizable settings for pivot sensitivity and colors.**
This indicator is useful for **trend traders, breakout traders, and support/resistance traders**. 🚀
Let me know if you need **further improvements or additional features!** 😊
This **Pine Script v5** indicator automatically **detects trend lines** based on pivot highs and pivot lows. It helps traders visualize **support and resistance levels** using dynamic trend lines.
---
## **🔹 How the Indicator Works**
The indicator identifies **key pivot points** in price action and then **draws trend lines** connecting them. It works as follows:
1. **Detects Pivot Highs and Lows**:
- A **pivot high** is a local maximum where the price is higher than surrounding bars.
- A **pivot low** is a local minimum where the price is lower than surrounding bars.
2. **Stores the Last Two Pivot Points**:
- The script remembers the last **two pivot highs** and **two pivot lows**.
- These points are used to **draw resistance and support lines** dynamically.
3. **Plots Resistance and Support Lines**:
- The script continuously **updates** and **extends** the trend lines to the right as new pivots are found.
- **Red Line (Resistance):** Connects the last two pivot highs.
- **Green Line (Support):** Connects the last two pivot lows.
---
## **🔹 Code Breakdown**
### **1️⃣ Inputs for User Customization**
```pinescript
leftLen = input.int(2, "Left Pivot Length")
rightLen = input.int(2, "Right Pivot Length")
highLineColor = input.color(color.red, "Resistance Line Color")
lowLineColor = input.color(color.green, "Support Line Color")
```
- **leftLen & rightLen:** Define how many bars on the left and right should be used to confirm a pivot.
- **highLineColor:** Sets the color of the resistance trend line (default: **red**).
- **lowLineColor:** Sets the color of the support trend line (default: **green**).
---
### **2️⃣ Detect Pivot Highs & Lows**
```pinescript
pivotHigh = ta.pivothigh(leftLen, rightLen)
pivotLow = ta.pivotlow(leftLen, rightLen)
```
- `ta.pivothigh(leftLen, rightLen)`: Detects a **pivot high** if it's the highest price in a certain range.
- `ta.pivotlow(leftLen, rightLen)`: Detects a **pivot low** if it's the lowest price in a certain range.
---
### **3️⃣ Store the Last Two Pivot Points**
#### **🔺 Storing Resistance (Pivot Highs)**
```pinescript
var float lastPivotHigh1 = na
var int lastPivotHighIndex1 = na
var float lastPivotHigh2 = na
var int lastPivotHighIndex2 = na
```
- These variables store **the last two pivot highs** and their **bar indices** (position on the chart).
#### **🔻 Storing Support (Pivot Lows)**
```pinescript
var float lastPivotLow1 = na
var int lastPivotLowIndex1 = na
var float lastPivotLow2 = na
var int lastPivotLowIndex2 = na
```
- These variables store **the last two pivot lows** and their **bar indices**.
---
### **4️⃣ Update Pivot Points When New Ones Are Found**
#### **Updating Resistance (Pivot Highs)**
```pinescript
if not na(pivotHigh)
lastPivotHigh2 := lastPivotHigh1
lastPivotHighIndex2 := lastPivotHighIndex1
lastPivotHigh1 := pivotHigh
lastPivotHighIndex1 := bar_index - rightLen
```
- If a new **pivot high** is found:
- The **previous pivot** becomes `lastPivotHigh2`.
- The **new pivot** becomes `lastPivotHigh1`.
- The index (`bar_index - rightLen`) marks where the pivot occurred.
#### **Updating Support (Pivot Lows)**
```pinescript
if not na(pivotLow)
lastPivotLow2 := lastPivotLow1
lastPivotLowIndex2 := lastPivotLowIndex1
lastPivotLow1 := pivotLow
lastPivotLowIndex1 := bar_index - rightLen
```
- Similar to pivot highs, this section updates **pivot lows** dynamically.
---
### **5️⃣ Create and Update Trend Lines**
#### **🔺 Drawing the Resistance Line**
```pinescript
var line highLine = na
if not na(lastPivotHigh2) and not na(lastPivotHigh1)
if na(highLine)
highLine := line.new(lastPivotHighIndex2, lastPivotHigh2, lastPivotHighIndex1, lastPivotHigh1, color=highLineColor, extend=extend.right)
else
line.set_xy1(highLine, lastPivotHighIndex2, lastPivotHigh2)
line.set_xy2(highLine, lastPivotHighIndex1, lastPivotHigh1)
line.set_color(highLine, highLineColor)
```
- If **two pivot highs** exist:
- **First time:** Creates a new **resistance line** connecting them.
- **Updates dynamically:** Adjusts the line when a new pivot appears.
#### **🔻 Drawing the Support Line**
```pinescript
var line lowLine = na
if not na(lastPivotLow2) and not na(lastPivotLow1)
if na(lowLine)
lowLine := line.new(lastPivotLowIndex2, lastPivotLow2, lastPivotLowIndex1, lastPivotLow1, color=lowLineColor, extend=extend.right)
else
line.set_xy1(lowLine, lastPivotLowIndex2, lastPivotLow2)
line.set_xy2(lowLine, lastPivotLowIndex1, lastPivotLow1)
line.set_color(lowLine, lowLineColor)
```
- Same logic applies for **support levels**, creating or updating a **green trend line**.
---
## **🔹 How to Use This Indicator**
1. **Apply the script in TradingView**:
- Open **Pine Script Editor** → Paste the code → Click **"Add to Chart"**.
2. **Interpret the Lines**:
- **Red line (Resistance):** Price may struggle to break above it.
- **Green line (Support):** Price may bounce off it.
3. **Trading Strategy**:
- **Breakout Strategy:**
- If the price **breaks resistance**, expect a bullish move.
- If the price **breaks support**, expect a bearish move.
- **Reversal Trading:**
- Look for **bounces off support/resistance** for potential reversals.
---
## **🔹 Key Features of This Indicator**
✅ **Automatically detects pivot highs and lows.**
✅ **Draws real-time trend lines for support and resistance.**
✅ **Updates dynamically with new price action.**
✅ **Customizable settings for pivot sensitivity and colors.**
This indicator is useful for **trend traders, breakout traders, and support/resistance traders**. 🚀
Let me know if you need **further improvements or additional features!** 😊
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuna uygun olarak, bu komut dosyasının oluşturucusu bunu açık kaynaklı hale getirmiştir, böylece yatırımcılar betiğin işlevselliğini inceleyip doğrulayabilir. Yazara saygı! Ücretsiz olarak kullanabilirsiniz, ancak kodu yeniden yayınlamanın Site Kurallarımıza tabi olduğunu unutmayın.
قناتي شخصي
t.me/Trading_Elliot
حسابي شخصي
t.me/omaryunus21
t.me/Trading_Elliot
حسابي شخصي
t.me/omaryunus21
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuna uygun olarak, bu komut dosyasının oluşturucusu bunu açık kaynaklı hale getirmiştir, böylece yatırımcılar betiğin işlevselliğini inceleyip doğrulayabilir. Yazara saygı! Ücretsiz olarak kullanabilirsiniz, ancak kodu yeniden yayınlamanın Site Kurallarımıza tabi olduğunu unutmayın.
قناتي شخصي
t.me/Trading_Elliot
حسابي شخصي
t.me/omaryunus21
t.me/Trading_Elliot
حسابي شخصي
t.me/omaryunus21
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.