Point and Figure Trend Line Indicator with Alerts
My Pine Script indicator, "PnF Bullish and Bearish Trend Backgrounds," visualizes bullish and bearish trends using Point and Figure (PnF) methodology.
Summary:
Input Parameters:
Box Size: Determines the price movement sensitivity.
Bullish/Bearish Angles: Set angles for defining trend slopes.
Trend Calculation:
The script calculates slopes based on input angles and updates trendlines based on price actions.
Alerts:
It generates alerts when price breaks bullish or bearish trendlines, signaling potential buy/sell opportunities.
Visualization:
Trendlines are plotted in green (bullish) and red (bearish), with background colors highlighting trendline breaks.
Background: Green (uptrend) Red (Downtrend) Overlap or Black (Neutral)
Usage:
Add to Chart: Load the script on TradingView.
Monitor Alerts: Keep an eye on alerts for trendline breaks.
Analyze Trends: Use the visual cues to identify potential market movements.
I'll release a video explanation of this indictor soon.
Summary:
Input Parameters:
Box Size: Determines the price movement sensitivity.
Bullish/Bearish Angles: Set angles for defining trend slopes.
Trend Calculation:
The script calculates slopes based on input angles and updates trendlines based on price actions.
Alerts:
It generates alerts when price breaks bullish or bearish trendlines, signaling potential buy/sell opportunities.
Visualization:
Trendlines are plotted in green (bullish) and red (bearish), with background colors highlighting trendline breaks.
Background: Green (uptrend) Red (Downtrend) Overlap or Black (Neutral)
Usage:
Add to Chart: Load the script on TradingView.
Monitor Alerts: Keep an eye on alerts for trendline breaks.
Analyze Trends: Use the visual cues to identify potential market movements.
I'll release a video explanation of this indictor soon.
Disclaimer
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.