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.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.