Trend Lines & Time
A simple but powerful script that allows you to set levels that, when a trendline (user set with 2 points) intersects those levels, will produce a vertical line to show the timing of that event
Useful not only for price action but also for use on indicators like a relative strength index (RSI)
Instructions: Plot the trendline down as you wish - choose the price levels & the margin of error for the particular market you are looking at
It's pretty simple
The script is not perfect:
1. Try to make sure when you are projecting a line that it is hitting the level you would like within 500 bars of the last bar on screen (this is a limit within Tradingview & although I've implemented some error checking and avoidance... it still gives errors sometimes when projected too far
Advice work with trend lines that project timing events that aren't so far in the future & use a steeper trendline generally (less horizontal)
2. You MUST use the "Margin of error" or "Orb" setting here - if your market is in a high price range (like 5 digits ..BTC, DJI, NIFTY ETC) then you would want to choose a high number like 100 or even 1000 ... if your price range is very small using smaller numbers or even decimals -- always try 1 first! -- experiment!
There ARE going to be some setups that cause the script to produce an error - I'll release an instructional video that shows the standard use of this tool, it will help you direct your use of it when trying to project to levels of interest in the future BUT generally it works as I think you would expect and is pretty intuitive
Enjoy!
Useful not only for price action but also for use on indicators like a relative strength index (RSI)
Instructions: Plot the trendline down as you wish - choose the price levels & the margin of error for the particular market you are looking at
It's pretty simple
The script is not perfect:
1. Try to make sure when you are projecting a line that it is hitting the level you would like within 500 bars of the last bar on screen (this is a limit within Tradingview & although I've implemented some error checking and avoidance... it still gives errors sometimes when projected too far
Advice work with trend lines that project timing events that aren't so far in the future & use a steeper trendline generally (less horizontal)
2. You MUST use the "Margin of error" or "Orb" setting here - if your market is in a high price range (like 5 digits ..BTC, DJI, NIFTY ETC) then you would want to choose a high number like 100 or even 1000 ... if your price range is very small using smaller numbers or even decimals -- always try 1 first! -- experiment!
There ARE going to be some setups that cause the script to produce an error - I'll release an instructional video that shows the standard use of this tool, it will help you direct your use of it when trying to project to levels of interest in the future BUT generally it works as I think you would expect and is pretty intuitive
Enjoy!
Versionsinformation:
When I released this script there was an immediate response of "why not more levels?"
So here is a version with 5 price levels - it becomes a bit much with more than that - the script gets clunky
This should be a bit of a 0-day bug fix too:
REMEMBER TO PLAY WITH THE "ORB" SETTING ... TRY 10x or 100x or 1000x etc etc for some stocks/crypto & also try 0.1 or 0.01 or 0.001 etc etc if the price range is very small
This is really important since the script will probably give you an error until you get the right setting or sometimes vertical lines will not show up also
If you like the old tool - it is exactly the same - just enable only the first 2 vertical lines and change the levels to 30 & 70 (good for RSI) - then save your settings as default - this will then be the exact same tool as before but will give you the bug fixes that help the script work a little more cleanly
Hope you enjoy - contact me with any questions or concerns - thanks!
So here is a version with 5 price levels - it becomes a bit much with more than that - the script gets clunky
This should be a bit of a 0-day bug fix too:
REMEMBER TO PLAY WITH THE "ORB" SETTING ... TRY 10x or 100x or 1000x etc etc for some stocks/crypto & also try 0.1 or 0.01 or 0.001 etc etc if the price range is very small
This is really important since the script will probably give you an error until you get the right setting or sometimes vertical lines will not show up also
If you like the old tool - it is exactly the same - just enable only the first 2 vertical lines and change the levels to 30 & 70 (good for RSI) - then save your settings as default - this will then be the exact same tool as before but will give you the bug fixes that help the script work a little more cleanly
Hope you enjoy - contact me with any questions or concerns - thanks!
Versionsinformation:
This is a major upgrade to the original tool
This update allows you to choose the 5 price levels by mouse along with the trend line location so that with 7 clicks you can lay the full tool down without any manual entering of numbers/prices into the settings BUT if you need to or would like to, you can still do that after choosing 5 prices initially by mouse
The first 5 clicks set the price levels & the last 2 clicks are the location of the trendline
Follow the on-screen instructions - eventually you will find it quite easy/natural to lay this down quickly & accurately (I recommend using the "Strong Magnet" mode so that it is easy to choose the exact price you would like to anchor to)
(that is if you are selecting previous price levels... if not this setting could be a bother)
Enjoy!
This update allows you to choose the 5 price levels by mouse along with the trend line location so that with 7 clicks you can lay the full tool down without any manual entering of numbers/prices into the settings BUT if you need to or would like to, you can still do that after choosing 5 prices initially by mouse
The first 5 clicks set the price levels & the last 2 clicks are the location of the trendline
Follow the on-screen instructions - eventually you will find it quite easy/natural to lay this down quickly & accurately (I recommend using the "Strong Magnet" mode so that it is easy to choose the exact price you would like to anchor to)
(that is if you are selecting previous price levels... if not this setting could be a bother)
Enjoy!