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Joined: 2/21/2005(UTC)
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Hello everyone,
Most of us assume that a trendline has more value if it touches more than 2 points, at least 3.
Does anyone have a formula to spot out such a TL?
Thank you v.much, it's becoming a true obsession :stretch:
I want to give my small contribution to anyone stuck on how to spot out a 2 touchpoints TL by writing the below, found on the web:
:boire:
{ Trend-lines }
pv:= Input("VeryLong=4,Long=3,Med=2,Short=1",1,4,3);
pp:= LastValue(If(pv=4,4,If(pv=3,2,If(pv=2,1,0.5))));
r0:= If(MP()>=Ref(MP(),-1),ATR(1),0);
r1:= Log(If(r0>0,ATR(1),HIGH)/HIGH);
r2:= Cum(r1)/Max(1,Cum(If(r0>0,1,0)));
r3:= LastValue(100*Exp(LastValue(r2)))*pp;
r4:= LastValue(PeakBars(2,H,r3))-LastValue(PeakBars(1,H,r3));
r5:= (LastValue(Peak(1,H,r3))-LastValue(Peak(2, H,r3)))/r4; {slope}
r6:= LastValue(Peak(2, H,r3))+(r5*(Cum(1)-LastValue(Cum(1)- PeakBars(2,H,r3))));
r7:= If(Cum(1) <LastValue(Cum(1)-PeakBars(2,H,r3)),BarsSince(Cum(1)>=LastValue(Cum(1)-PeakBars( 2,H,r3))),r6);
s0:= If(MP()<=Ref(MP(),-1),ATR(1),0);
s1:= Log(If(s0>0,ATR(1),LOW)/LOW);
s2:= Cum(s1)/Max(1,Cum(If(s0>0,1,0)));
s3:= LastValue(100*Exp(LastValue(s2)))*pp;
s4:= LastValue(TroughBars(2,L,s3))-LastValue(TroughBars(1,L,s3));
s5:= (LastValue(Trough(1,L,s3))-LastValue(Trough(2,L,s3)))/s4; {slope}
s6:= LastValue(Trough(2,L,s3))+(s5*(Cum(1)-LastValue(Cum(1)-TroughBars(2,L,s3))));
s7:= If(Cum(1)<LastValue(Cum(1)-TroughBars(2,L,s3)),BarsSince(Cum(1)>=LastValue(Cum(1 )-TroughBars(2, L,s3))),s6);
r7;s7;
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