Automatic Trend Lines & S/R Zones Pro [Quantigenics] — Indicator by Quantigenics — TradingView (2024)
INVITE-ONLY SCRIPT
By Quantigenics
Updated
The “Automatic Trend Lines & S/R Zones Pro [Quantigenics]” script is an innovative tool that integrates automated support and resistance zone identification with trend line generation. This script is an invaluable asset in technical analysis, adeptly identifying critical price reversal or breakout areas and drawing trend lines to gauge market direction and momentum. It generates trading signals based on support/resistance and trend line dynamics, making it a versatile standalone or complementary tool suitable for any market or time frame.
The "Automatic Trend Lines & S/R Zones Pro
[Quantigenics]" script performs advanced financial chart analysis by algorithmically identifying support/resistance zones and generating trend lines It analyzes historical data, applying calculations like the highest and lowest price points over specified periods (defined by 'PeakOverBar' and 'LowOverBar' settings) to determine potential support and resistance zones. Trend lines are drawn by connecting significant price peaks and troughs, calculated based on user-defined strength parameters. The script also produces trading signals by analyzing price interactions with these zones and trend lines, using algorithms to detect breakouts or rejections, thus aiding traders in informed decision-making.
Technical Composition:a
Support and Resistance Zone Detection: Mechanism: Utilizes historical price data to identify key levels indicative of intense trading activity, revealing potential price stalling or reversals. These levels are marked based on past market actions and supply-demand dynamics.
Visualization: Zones are highlighted with colored boxes, enabling traders to easily spot shifts in market sentiment.
Automatic Trend Line Generation: Methodology: Connects significant price highs and lows over a designated period, customizable through inputs like PeakOverBar and LowOverBar.
Utility: These trend lines act as crucial indicators of uptrend support and downtrend resistance, aiding in the recognition of potential breakout or reversal zones and trend directions.
Customization and Flexibility: Adjustable Parameters: Includes customization options for peak/trough identification periods, trend line visibility, and extent of support/resistance zones.
Enhanced User Experience: Designed to be intuitive and adaptable, catering to diverse trading styles and strategies.
Usage in Trading:
Entry and Exit Points: The trade signals plotted at the support/resistance zones can be used for identifying both entry and exit points, in anticipation of price stalling and potentially reversing, and breakout signals plotted as price breaks trendlines can be used for breakout trading strategies, as well as stop loss areas.
Signal Alerts: Real-time alerts for significant interactions with trend lines or S/R zones, vital for both entry and exit strategies.
Integration with Other Systems: While effective as a standalone tool, it can also be used alongside other indicators for a more robust trading method.
Input Parameter Settings:
Intra-Bar Signal Generation (IntraBar): Allows toggling between immediate signal generation within the current bar or after bar closure.
Peak and Low Over Bar (PeakOverBar, LowOverBar): Sets the bar count for identifying market peaks and lows, adjustable for analyzing different market trends.
Strongest Peaks and Lows Period (StrongestFromPeaks, StrongestFromLows): Determines the period for identifying significant market peaks and lows.
Show S/R Zones (ShowSRZones): Enables the display of Support/Resistance zones for better market insight.
Trend Line Type (TrendLineType): Offers options for trend line styles, like "One Line" or "Triple Lines."
Extend Trend Lines (ExtendTrendLines): Configures the extension length of trend lines, useful for predicting future trends.
Peak and Low Trend Line Settings (ShowPeakTrendLine, ShowLowTrendLine, etc.): Manage the display and characteristics of specific trend lines.
Signal Settings (ShowLabels, ShowBreakSignals, ShowPopUPSignals, etc.): Customizes the appearance and frequency of signals and alerts.
Alert Settings (ShowTrendBreakSignals, ShowTrendPopSignals, etc.): Configures alerts for significant market events like trend line breaks or rejections.
The "Automatic Trend Lines & S/R Zones Pro" script stands out as an essential tool for traders, offering comprehensive support/resistance and trend line analysis in a single package. Its automatic features, combined with customizable options, make it a key element in elevating market analysis and informed trading decision-making.
As always, remember that trading involves risks and past performance is not indicative of future results.
You can see the “Author’s instructions below to get immediate access to Automatic Trend Lines & S/R Zones Pro & the rest of the “Quantigenics Premium Indicator Suite”.
Release Notes
Updated to extend Support and resistance zones to the right and to allow user input to define how many breaks of the zone are required to remove the zone.
Release Notes
Updated Input Parameters
Input Parameter Settings:
Intra-Bar Signal Generation (IntraBar): Determines whether signals should be generated immediately when the criteria are met within the current bar (true), or only after the bar closes (false). This is useful for strategies that rely on immediate action versus those that wait for confirmation at the bar's close.
Peak and Low Over Bar (PeakOverBar, LowOverBar): The number of bars to look back to identify a peak/low in the market. A higher number smooths out the identification process, potentially identifying more significant peaks but at the risk of missing shorter-term fluctuations.
Strongest Peaks and Lows Period (StrongestFromPeaks, StrongestFromLows): Defines the period over which the indicator evaluates peaks/lows to determine the most significant ones. This helps in focusing on the most relevant peaks for trend analysis and support/resistance zone identification.
Show S/R Zones (ShowSRZones): Enables the display of Support/Resistance zones for better market insight.
Breaks Count (BreaksCount) : Determines the number of times a price must break through a support/resistance zone before the zone is considered broken and potentially removed. This can help in filtering out false breakouts.
Remove Levels (RemoveLevels) : When enabled, support/resistance levels that have been broken (according to the Breaks Count setting) are removed from the chart. This keeps the chart cleaner and focuses on currently relevant S/R zones.
Extend Trend Lines (ExtendTrendLines): Configures the extension length of trend lines, useful for predicting future trends.
Peak and Low Trend Line Settings (ShowPeakTrendLine, ShowLowTrendLine, etc.): Manage the display and characteristics of specific trend lines.
Show Previous Peak/Low TrendLines (ShowLastPeakTrendLines, ShowLastLowTrendLines) :
Times a Peak/Low can be Used (TimesAPeak/LowUsed): Sets how many times a peak can be used to draw trend lines before it's considered exhausted. This prevents over-reliance on any single peak for trend analysis.
Peaks/Lows Trend Line Period (TrendPeaks/LowsOverPeriod): Defines the period over which peaks are considered for drawing trend lines. This can affect the short-term vs. long-term trend analysis.
Show Labels (ShowLabels) : Controls the display of labels for signals on the chart, offering visual cues for potential trading actions.
Show S/R Break Signals (ShowBreakSignals) : When enabled, signals are generated when the price breaks through support or resistance zones, indicating potential entry or exit points.
Show S/R Rejection Signals (ShowPopUPSignals} : Enables signals when the price rejects or bounces off support or resistance zones, suggesting possible reversal points.
Show TrendLine Break Signals (ShowTrendBreakSignals): : Generates signals when the price breaks through a trend line, potentially indicating a significant trend change.
Limit Signals (LimitLineSignals & LimitRejectionSignals) : These settings control the maximum number of trendline break and rejection signals that can be displayed, helping to limit the number of alerts to the most significant ones.
Release Notes
We found the support and resistance zones to be confusing when colored red and blue as any given zone can be used as support or resistance depending on price action. So we updated the color for support and resistance zones. Default color is now yellow and can be customized to your liking.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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