Description
Drawing trendlines manually can be time-consuming and subjective. The PZ TrendLines indicator solves this by automating the entire process—identifying significant swing points in the price and connecting them to form clear trendlines across your chart. These lines act as potential breakout or rejection levels, giving traders actionable insight into market structure without clutter or guesswork.
The indicator uses a mechanical algorithm to detect trendlines in real time. Optionally, it can base its analysis on fractal points, ensuring structural relevance and filtering out minor noise. Once the lines are plotted, they update continuously as price evolves, offering a constantly refreshed view of trend structure.
Each trendline serves a technical purpose: it represents a price level that can be broken or rejected. When price interacts with these lines, traders can monitor for breakouts, reversals, or potential entries. Because the logic is consistent and visual, this tool is ideal for discretionary and systematic traders alike.
Input Parameters
- Use Fractals: Enable or disable the use of fractal-based pivot points for trendline construction.
- Number of Lines: Define how many trendlines to draw (up to 18).
- Line Colors: Customize the color scheme for better chart visibility or thematic matching.
- Max History Bars: Set how far back the indicator looks when scanning for valid trendline anchors.
How It Works
- The indicator continuously scans recent price action for valid anchor points.
- It draws trendlines using recent highs/lows or fractals (if enabled).
- Each line is updated in real time as price progresses.
- Lines are not static—older ones can be replaced as stronger formations emerge.
Benefits
- Saves time and effort—no more manual trendline drawing
- Consistent logic removes subjectivity in identifying trend structure
- Highlights key price levels where action may occur
- Helps anticipate breakouts and trend continuations
- Integrates seamlessly into any discretionary or rule-based trading strategy
