OPEN-SOURCE SCRIPT
Hindsight Trend
Updated
Non-realtime but highly accurate trend analyzer with only one fundamental parameter (period aka "minimum trend length")
Basically Hindsight Trend is pivot points on steroids (handles many cases much better). Plus it shows the trend line.
Period
I usually like periods of 10, 20 or 30.
The indicator's delay is identical to the chosen period.
You can actually try a low period like 4 or 5 to get something resembling a realtime indicator.
Uptrends are based on candle lows, downtrends are based on candle highs. So it is possible to have an uptrend and a downtrend at the same time.
Triangles
At trend start, a triangle is drawn. (Trendline isn't always there if the trend didn't last that long.)
Triangle size shows how long the high or low that started the trend remained unbroken. E.g. with period 20: Small triangle = 20+ candles, medium triangle = 40+ candles, big triangle = 80+ candles. So a big triangle marks an important reversal point.
How Hindsight Trend works
Whenever a candle completes, its high and low are saved as potentially "notable" points. A high or low is the more notable the longer it stays unbroken (= not touched again by price).
Now we simply take the notable highs and lows (as in, staying unbroken at least for the user-selected period)... and connect them together - if they are close enough to each other (less than "period" candles away). And decorate the first point in each trend with a triangle.
We only know whether a point is notable after "period" more candles have printed, so that's where the indicator's delay comes from.
Finally we divide the period by 2 and look at highs and lows which are unbroken for that shorter time. While they are not fully "notable" as defined above, we'll call them "semi-notable". Those points are only considered at the end of a trend, and help us extend the trend line a bit further.
Basically Hindsight Trend is pivot points on steroids (handles many cases much better). Plus it shows the trend line.
Period
I usually like periods of 10, 20 or 30.
The indicator's delay is identical to the chosen period.
You can actually try a low period like 4 or 5 to get something resembling a realtime indicator.
Uptrends are based on candle lows, downtrends are based on candle highs. So it is possible to have an uptrend and a downtrend at the same time.
Triangles
At trend start, a triangle is drawn. (Trendline isn't always there if the trend didn't last that long.)
Triangle size shows how long the high or low that started the trend remained unbroken. E.g. with period 20: Small triangle = 20+ candles, medium triangle = 40+ candles, big triangle = 80+ candles. So a big triangle marks an important reversal point.
How Hindsight Trend works
Whenever a candle completes, its high and low are saved as potentially "notable" points. A high or low is the more notable the longer it stays unbroken (= not touched again by price).
Now we simply take the notable highs and lows (as in, staying unbroken at least for the user-selected period)... and connect them together - if they are close enough to each other (less than "period" candles away). And decorate the first point in each trend with a triangle.
We only know whether a point is notable after "period" more candles have printed, so that's where the indicator's delay comes from.
Finally we divide the period by 2 and look at highs and lows which are unbroken for that shorter time. While they are not fully "notable" as defined above, we'll call them "semi-notable". Those points are only considered at the end of a trend, and help us extend the trend line a bit further.
Release Notes
Fixed a typo in the settingsRelease Notes
Fixed the script for non-Premium membersRelease Notes
Optimized the script to run fasterRelease Notes
Fixed the trendline distance logicRelease Notes
Changed period step size to 5Release Notes
Now plots trendlines all the way into the pastRelease Notes
Removed values from status lineRelease Notes
Optimized the script to run fasterOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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