TrendLines Automatic Modified To Incorporate 3 Points

Questions about MultiCharts and user contributed studies.
basscat2
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Joined: 26 Feb 2007

TrendLines Automatic Modified To Incorporate 3 Points

Postby basscat2 » 10 Jul 2013

Hi,

Has anyone modified the built-in study "TrendLines Automatic" so that it draws trend lines ONLY when 3 or more points have "aligned" vs. 2 points? As the study presently exists (comes standard in MC) it uses swing highs and lows and gives the user a "strength" input parameter.

Ideally I'm looking for 3 confirmation points that a trend line is "working" as support/resistance rather than only 2 points.

If anyone has a suggestion on modifying this study I would appreciate it.

Joe

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TJ
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Re: TrendLines Automatic Modified To Incorporate 3 Points

Postby TJ » 10 Jul 2013

Hi,
Has anyone modified the built-in study "TrendLines Automatic" so that it draws trend lines ONLY when 3 or more points have "aligned" vs. 2 points? As the study presently exists (comes standard in MC) it uses swing highs and lows and gives the user a "strength" input parameter.
Ideally I'm looking for 3 confirmation points that a trend line is "working" as support/resistance rather than only 2 points.
If anyone has a suggestion on modifying this study I would appreciate it.
Joe
How do you propose to do that?
How do you define the "3rd point"?
Would you have a mock up chart with notes showing the criteria or steps to search for the 3rd point?

basscat2
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Joined: 26 Feb 2007

Re: TrendLines Automatic Modified To Incorporate 3 Points

Postby basscat2 » 16 Jul 2013

The first image is of the ES chart with the 'TrendLines Automatic' study.

The second image is the same chart, but with manual trend lines drawn to connect 3 points.

TrendLines Automatic uses an array and I honestly don't understand the mechanics of how it functions. The study allows you to select numerically the strength of the trend lines you wish it to identify and plot.

The idea is this: in a rising trend you will have consecutive higher lows. If you connect two consecutive higher lows with a straight line and extend it to the right you have a visual idea of when to expect support on subsequent tests of that support line. However, if you could take this a step farther and connect 3 consecutive higher lows with a straight line extended to the right the line 'should' have greater support when tested again.

Therefore my thought was that the study could be modified to require the array to incorporate a third points.

Any ideas? Thanks
Attachments
es2.gif
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es1.gif
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TJ
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Re: TrendLines Automatic Modified To Incorporate 3 Points

Postby TJ » 16 Jul 2013

Nice idea.

Can you quantify Point 1, Point 2, Point 3?

What are the characteristics, attributes and qualities of those price points?

e.g. here is a starting position:
Point 1 = lowest low of the past 20 bars.

How would you define the rest?
If you can articulate your idea, it can be coded.

sptrader
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Re: TrendLines Automatic Modified To Incorporate 3 Points

Postby sptrader » 16 Jul 2013

Here is an automatic trendline study- not sure where it came from but it's a start anyway..maybe you could modify it to do what you want..
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_Trendlines automatic.pla
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