Extended Parallel ChannelsThis indicator provides an enhanced version of the popular Parallel Channel tool by allowing channel boundaries to be extended above and below the primary channel. It can also serve as a general tool for drawing parallel lines and grid lines to aid technical analysis.
🟠 Application
There are two primary ways extended channels can provide valuable insights:
🔵 Support and Resistance Levels
When prices break out of a channel, they often encounter strong resistance at approximately the 100% extension point. Breakout traders can utilize the extended channel boundary to place take-profit orders. Meanwhile, reversal traders can look for entry opportunities at this level.
🔵 Grid / Martingale Trading
Grid Trading and Martingale Trading strategies rely heavily on grid lines. This indicator streamlines that process by enabling traders to effortlessly plot grid lines across the chart.
🟠 Instructions
Upon adding the indicator, the user will be prompted to set the channel boundaries by placing three anchor points on the chart. The first two anchors determine one boundary line, while the third anchor determine the other boundary line.
Once the three anchors are positioned, the indicator automatically plots the resulting channel as well as the extended lines. The anchor points are highlighted as movable blue circles, allowing the user to dynamically adjust the channel formation by dragging the anchors to new locations as needed.
Parallelchannels
Pivot Parallel Channel by [livetrend]This script draws parallel channels using pivot points for trend analysis.
Script draws maximum 4 parallel channels if suitable up or down trend already exists on the chart according to chosen Pivot Length and Multiplier.
You can change Multiplier to draw Higher Time Frame Channels.
Good luck!
Responsive Linear Regression ChannelsThis is a linear trend indicator that can:
- automagically adjust to different chart resolutions
- snap to day/session boundaries on intraday
- totally not do the above and use ye olde good fixed lookback window
- show the regression trend and its RMSE channels
- disregard the trend and just show the period average and standard deviation lines (often acting as support and resistance)
The main idea was to allow you to quickly view linear trends for different time periods without having to calculate the required amount of bars.
By default, you will be able to quickly switch between 1-3 months, 6 months, 1 year, 2 years and 5 years of data, as well as various daily lookback periods.
Please adjust resolution settings to your liking.
Caveats:
- More data means more noise and slower calculations.
- HLC3 source is recommended, especially at resolutions above hourly.
- Trend will be slightly different if you use extended hours.
- If you use extended hours and don't have a data subscription, trend will be SUBSTANTIALLY different, especially at smaller resolutions like 1m.
- You might want to use 3.5 days per week for crypto (it's 7 days by default).
Known problems:
- If you can't see the trendlines, scroll to the left or zoom out - the origin could be outside of your viewport.
- Futures' sessions start on the previous day. We currently snap only to day boundaries, not session breaks.
- UVXY and the like that have extremely high price datapoints. The calculations will be wrong on some resolutions.
- Replay can freeze circa bar_index 244 — disable smart lookback and keep your window under 240 bars if you encounter this.
ACKNOWLEDGEMENTS:
Many thanks to alexgrover for his extremely efficient functions (used with permission)
