Elektra Power Law

Elektra Power Law draws a trendline where you ask for one, and fits it to the whole

population of swing points inside your selection instead of to the two points under your

cursor.

You hold CTRL and drag across the stretch of chart you want measured. The indicator finds

every swing pivot in that range and fits a line through them using a repeated median of the

slopes between all pairs of pivots. A single unusual bar therefore moves the line very

little, which is the difference between this and a line drawn by hand between two extremes.

The tool is manual. Nothing is drawn until you drag, and nothing appears on a chart you did

not ask for. Release to lock the line, and it stays on the chart with its measurements

attached to it.

WHAT IT REPORTS

Each fitted line carries four readings in its tooltip and its label.

Slope per bar. The fitted rate of change.

Pivots used. How many swing points the fit is actually standing on. A line built on three

pivots and a line built on thirty are not the same object, and the number says which you

have.

Fit quality. How closely the pivots sit to the fitted line, as a percentage. A low figure

means the points do not lie on a line at all, and the indicator says so rather than drawing

a confident line through a cloud.

Persistence. A Hurst style reading for the stretch. Above the threshold the series has been

trending. Below it the series has been reverting to its own mean, and the line is redrawn in

a neutral colour and labelled, because a trendline across a reverting stretch is describing

something that was not a trend.

HOW TO USE IT

Attach it to any chart and any timeframe. Hold CTRL, drag across the stretch you want

measured, release. The line locks with its readings. Use the on chart key to hide or show

what is drawn, and the exit control to remove the indicator.

Optional alerts can be enabled for a price crossing a locked line. They are off by default

and the indicator is silent until you switch them on.

INPUTS

Selection controls the swing half width and how many pivots a fit needs before it is drawn.

Verdict sets the persistence and quality thresholds at which a line is marked neutral.

Appearance, Legend and Line labels control colours, the on chart key and what each line

prints. Alerts are off by default.

NOTES

This is a measurement and drawing tool. It places no orders, modifies nothing on your

account, and requests no trading permission. It works on any symbol and any timeframe, and

carries no restriction on account, broker or period of use.

The readings describe the stretch of history you selected. They are a description of what

has already happened and are not a forecast.