The indicator is based on Thomas DeMark's concept of trend lines with some changes concerning the search for TD points.
The indicator searches and displays TD lines found on older timeframes. In other words, you do not need to switch to an older timeframe to see what TD lines it has. The older the timeframe relative to the current one, the thicker the line.
Similar to DeMark, the indicator has three breakout types. The filter can be configured by breakout types.
TD line can be in one of the three states:
- Not opened.
- Opened. The breakout of the TD line has occurred and breakout type conditions have been fulfilled.
- Closed. By default, closed TD lines are not displayed in the indicator. TD line is closed if closing conditions have been met.
When TD line breakout occurs, the open icon appears above the breakout bar. You can customize the display of lines and icons in the indicator parameters.
Some Input Parameters
- ShowCloseTdline - enable display of previously closed TD lines.
- Count of bars for analysis - display the number of bars on history to be analyzed.
- Number of bars to the left and to the right when looking TD-peak - the number of bars to the left and to the right when searching for a TD point.
- Enable a search of lines on senior timeframes - disable search for TD lines on older timeframes.
- Maximum number of bars between the TD-points - maximum number of bars between TD points on a calculated timeframe. If the number of bars exceeds the parameter value, search for TD lines is performed on the next timeframe.
- "Filter to open TD-lines" group of parameters allows you to set a filter for breakout types. If "TD-line break without type" parameter is set to true, any breakout of a TD line is allowed.
- "conditions to show TD-line" group of parameters sets conditions for displaying TD lines, while "conditions to close TD-line" group allows you to set conditions for closing TD lines.