Trend Charting Indicator

[babayaga_310]

Hoping someone has an indicator for this already. Looking for a script that shows the trendlines based on the timeframe and swing highs and swing lows of the candles. Trendlines would change and adapt based on the timeframe that is shown (4H, D, etc.).See attached picture for reference.
Thank you

 

[traderLK]

Hoping someone has an indicator for this already. Looking for a script that shows the trendlines based on the timeframe and swing highs and swing lows of the candles. Trendlines would change and adapt based on the timeframe that is shown (4H, D, etc.).See attached picture for reference.
Thank you

Hi babayaga,

Not sure if I've misunderstood, but that chart looks an awful lot like a ZigZag indicator with very fast settings. You might check out the different ZigZag indicators at the end of the list of studies in TOS to see if any of them match up when the settings are adjusted appropriately.

 

[babayaga_310]

Hi babayaga,

Not sure if I've misunderstood, but that chart looks an awful lot like a ZigZag indicator with very fast settings. You might check out the different ZigZag indicators at the end of the list of studies in TOS to see if any of them match up when the settings are adjusted appropriately.

Hi traderLK,
The issue is that the ToS script is that it defines the trend based on either the ATR or percentage reversal. The theory that I'm trying to capture is that the trend is based off of the candlewick highs and lows rather than a, for lack of a better term, calculation. Did the most recent candle create a higher high than the previous candle? If yes then we are in an uptrend. Did the most recent candle create a lower low than the previous candle? If yes then we are in a downtrend.

I've been able to change some ATR settings to get it to properly show trend, however it's still fundamentally incorrect and has errors.