OPEN-SOURCE SCRIPT
Auto Parallel Channel (Ascending/Descending)
What this does
Automatically detects and draws a parallel price channel — ascending, descending, or flat — based on real swing pivots, rather than requiring you to draw trendlines by hand.
Methodology
Settings
Alerts
Fires when price breaks the channel upward or downward.
Disclaimer
This tool identifies a geometric pattern in price history — it does not predict future price movement. Always confirm with your own analysis and risk management. Not financial advice.
Automatically detects and draws a parallel price channel — ascending, descending, or flat — based on real swing pivots, rather than requiring you to draw trendlines by hand.
Methodology
- Detects alternating swing highs/lows (zigzag pivots), then looks for a same-type → opposite-type → same-type sequence (e.g. low-high-low) to anchor a channel: the base trendline runs through the two same-type pivots, and a parallel line is offset to touch the pivot in between.
- Direction is color-coded from the base trendline's slope: green = ascending, orange = descending, aqua = flat/parallel.
- Once formed, the channel locks in — it won't wobble or refit on every new minor pivot, only when it's actually broken by a decisive close beyond either boundary.
- A built-in sanity check rejects channels whose width is unreasonably large relative to the instrument's recent ATR, so a single outlier wick can't distort the fit.
- Works on any timeframe — tested particularly on 1H/2H/4H for spotting corrective structures, and on Daily/Weekly for larger trend channels.
Settings
- Pivot Left/Right Bars — pivot sensitivity (lower = more, smaller pivots; higher = fewer, larger ones)
- Min Move % Between Pivots — filters out insignificant zigzag noise
- Min Bars Between Anchor Pivots — avoids forming a channel from two anchor points that are too close together
- Max Channel Width (x ATR) — the outlier-rejection sanity check described above
- Break Buffer % — how far price must close beyond the channel before it's considered broken
Alerts
Fires when price breaks the channel upward or downward.
Disclaimer
This tool identifies a geometric pattern in price history — it does not predict future price movement. Always confirm with your own analysis and risk management. Not financial advice.
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免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。
开源脚本
秉承TradingView的精神，该脚本的作者将其开源，以便交易者可以查看和验证其功能。向作者致敬！您可以免费使用该脚本，但请记住，重新发布代码须遵守我们的网站规则。
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。