funwiththinkscript – Automatic Trend Channels
Another great indicator released by Robert. I just purchased the Automatic Trend Channels. It’s badass.
Trend channels are made up of two parallel trend lines that act as potential support and resistance as price moves between them.
In the animation above, notice how often price stops at one of the channel lines. Also, previous channels continue to be relevant as the channel lines also act as potential support or resistance.
This indicator will save you time and allow you to spot potential areas of support and resistance easier by automatically plotting trend channel lines.
This indicator will automatically plot up to four recent trend channels. The number of channels to display may be selected from within the indicator settings panel. Additionally, each channel’s color may be configured from within the globals section.
This indicator will work on any time frame; including tick-charts.
Additional screen shots are below.