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Trend Line Drawing with Angles Calculation

Automatic Trend Line Drawing with Angles Calculation

This indicator draws Resistance and Support lines showing patterns that price action is forming (identifying Wedges, Triangles and Channels) allowing to save time spent drawing the lines manually and also allows to see the resistance and supports lines from other time frames on the current chart period.


Inputs:

  • indicatorForSwingCalculation: As this indicator uses the following swings drawing indicators: ZigZag, AO, RSI or AC, you should select which one will be use for trend lines drawing.
  • period: The Time Frame that will be use for swing drawing.
  • TLColor: The colors of both trend lines (Resistance and Support)
  • anglingCalculation: As any trend lines may be drawn in any period, the lines drawn in a different period of current chart, the angles maybe calculation absolute to the original time frame or relative to the time frames of current chart. Depending of this selection, the angle values will be different for period distinct to the current chart. For trend lines period drawn in the same current chart period, the angle value will be exactly the same, independent of this option.

In order to make this indicator lighter, no buffers are used in it. Anyway all data may be obtained from the trend lines drawn: the angles values are displayed in the description on chart.


Advantages:

  • Save time drawing trend lines automatically
  • See in current chart support and resistance of other periods
  • All data is accessible from other EAs and Indicator
  • Allow to see resistances and supports drawn from different momentum indicators and different periods at the same time
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