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.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.