Wing's Trend Line Bands - (Support and Resistance) - Indicators

Wing’s Trend Line Bands – (Support and Resistance)

This is an unconventional indicator I have created in PRT 10.2. I have not seen anything similar.

It calculates twelve different trend lines, six that resemble levels of support and six that resemble levels of resistance. They are then averaged into two trend lines, to form a band around the price. The ‘band’ does not behave like for example a bollinger band. Trend Line Bands are more dynamic since they are drawn between different high/low points, and are therefore, straight.

How to trade:

Appropriate timeframe, security and system is for you to find. Remember that this indicator is experimental and can be developed in many ways. Trend Line Bands can be traded in at least three ways that I have found:

Mean reversion (price bouncing on the bands)
Breakout (decisive move through a band)

Band convergence (The algorithm can output a line of support ABOVE the line of resistance. This is a sign of upcoming trend reversal and should not be traded in the ways mentioned above.)

////////////////////////////////////////////////////
//
// Wing's Trend Line Bands - (Support and Resistance)
//
// Made by user "Wing" of ProRealCode.com
// https://www.prorealcode.com/user/wing/
//
//////////////////////////////////////////////////
//
// Parameter:

p = 7

//////////////////////////////////////////////////


rs=RSI[p]



once t1=0
once t2=0
once t3=0
once t4=0

once b1=0
once b2=0
once b3=0
once b4=0


once top=0

if rs[4]>70  and high[4]>high[3] and high[4]>high[2] and high[4]>high[1] and high[4]>high and top=0 then
t4=t3
t3=t2
t2=t1
t1=barindex-4
top=6
endif

if rs[4]<30  and low[4]<low[3] and low[4]<low[2] and low[4]<low[1] and low[4]<low and top=0 then
b4=b3
b3=b2
b2=b1
b1=barindex-4
top=6
endif

if top>0 then
top=top-1
endif

// tops

if high[barindex-t2]>high[barindex-t1] then
linet1=high[barindex-t2]-(((barindex-t2)*sqrt(square(high[barindex-t1]-high[barindex-t2])))/(t1-t2))
else
linet1=high[barindex-t2]+(((barindex-t2)*sqrt(square(high[barindex-t1]-high[barindex-t2])))/(t1-t2))
endif

if high[barindex-t3]>high[barindex-t2] then
linet2=high[barindex-t3]-(((barindex-t3)*sqrt(square(high[barindex-t2]-high[barindex-t3])))/(t2-t3))
else
linet2=high[barindex-t3]+(((barindex-t3)*sqrt(square(high[barindex-t2]-high[barindex-t3])))/(t2-t3))
endif

if high[barindex-t3]>high[barindex-t1] then
linet21=high[barindex-t3]-(((barindex-t3)*sqrt(square(high[barindex-t1]-high[barindex-t3])))/(t1-t3))
else
linet21=high[barindex-t3]+(((barindex-t3)*sqrt(square(high[barindex-t1]-high[barindex-t3])))/(t1-t3))
endif

if high[barindex-t4]>high[barindex-t1] then
linet3=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t1]-high[barindex-t4])))/(t1-t4))
else
linet3=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t1]-high[barindex-t4])))/(t1-t4))
endif

if high[barindex-t4]>high[barindex-t2] then
linet31=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t2]-high[barindex-t4])))/(t2-t4))
else
linet31=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t2]-high[barindex-t4])))/(t2-t4))
endif

if high[barindex-t4]>high[barindex-t3] then
linet32=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t3]-high[barindex-t4])))/(t3-t4))
else
linet32=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t3]-high[barindex-t4])))/(t3-t4))
endif

// bots

if low[barindex-b2]>low[barindex-b1] then
lineb1=low[barindex-b2]-(((barindex-t2)*sqrt(square(low[barindex-b1]-low[barindex-b2])))/(b1-b2))
else
lineb1=low[barindex-b2]+(((barindex-b2)*sqrt(square(low[barindex-b1]-low[barindex-b2])))/(b1-b2))
endif

if low[barindex-b3]>low[barindex-b2] then
lineb2=low[barindex-b3]-(((barindex-b3)*sqrt(square(low[barindex-b2]-low[barindex-b3])))/(b2-b3))
else
lineb2=low[barindex-b3]+(((barindex-b3)*sqrt(square(low[barindex-b2]-low[barindex-b3])))/(b2-b3))
endif

if low[barindex-b3]>low[barindex-b1] then
lineb21=low[barindex-b3]-(((barindex-b3)*sqrt(square(low[barindex-b1]-low[barindex-b3])))/(b1-b3))
else
lineb21=low[barindex-b3]+(((barindex-b3)*sqrt(square(low[barindex-b1]-low[barindex-b3])))/(b1-b3))
endif

if low[barindex-b4]>low[barindex-b1] then
lineb3=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b1]-low[barindex-b4])))/(b1-b4))
else
lineb3=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b1]-low[barindex-b4])))/(b1-b4))
endif

if low[barindex-b4]>low[barindex-b2] then
lineb31=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b2]-low[barindex-b4])))/(b2-b4))
else
lineb31=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b2]-low[barindex-b4])))/(b2-b4))
endif

if low[barindex-b4]>low[barindex-b3] then
lineb32=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b3]-low[barindex-b4])))/(b3-b4))
else
lineb32=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b3]-low[barindex-b4])))/(b3-b4))
endif


// return values

resistance=(linet1+ linet2+ linet21+ linet3+ linet31+ linet32)/6
support=(lineb1+ lineb2+ lineb21+ lineb3+ lineb31+ lineb32)/6
midpoint=(resistance+support)/2

return resistance, support, midpoint

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////////////////////////////////////////////////////

// Wing's Trend Line Bands - (Support and Resistance)

// Made by user "Wing" of ProRealCode.com

// https://www.prorealcode.com/user/wing/

//////////////////////////////////////////////////

// Parameter:

p = 7

//////////////////////////////////////////////////

rs=RSI[p]

once t1=0

once t2=0

once t3=0

once t4=0

once b1=0

once b2=0

once b3=0

once b4=0

once top=0

if rs[4]>70 and high[4]>high[3] and high[4]>high[2] and high[4]>high[1] and high[4]>high and top=0 then

t4=t3

t3=t2

t2=t1

t1=barindex-4

top=6

endif

if rs[4]<30 and low[4]<low[3] and low[4]<low[2] and low[4]<low[1] and low[4]<low and top=0 then

b4=b3

b3=b2

b2=b1

b1=barindex-4

top=6

endif

if top>0 then

top=top-1

endif

// tops

if high[barindex-t2]>high[barindex-t1] then

linet1=high[barindex-t2]-(((barindex-t2)*sqrt(square(high[barindex-t1]-high[barindex-t2])))/(t1-t2))

else

linet1=high[barindex-t2]+(((barindex-t2)*sqrt(square(high[barindex-t1]-high[barindex-t2])))/(t1-t2))

endif

if high[barindex-t3]>high[barindex-t2] then

linet2=high[barindex-t3]-(((barindex-t3)*sqrt(square(high[barindex-t2]-high[barindex-t3])))/(t2-t3))

else

linet2=high[barindex-t3]+(((barindex-t3)*sqrt(square(high[barindex-t2]-high[barindex-t3])))/(t2-t3))

endif

if high[barindex-t3]>high[barindex-t1] then

linet21=high[barindex-t3]-(((barindex-t3)*sqrt(square(high[barindex-t1]-high[barindex-t3])))/(t1-t3))

else

linet21=high[barindex-t3]+(((barindex-t3)*sqrt(square(high[barindex-t1]-high[barindex-t3])))/(t1-t3))

endif

if high[barindex-t4]>high[barindex-t1] then

linet3=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t1]-high[barindex-t4])))/(t1-t4))

else

linet3=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t1]-high[barindex-t4])))/(t1-t4))

endif

if high[barindex-t4]>high[barindex-t2] then

linet31=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t2]-high[barindex-t4])))/(t2-t4))

else

linet31=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t2]-high[barindex-t4])))/(t2-t4))

endif

if high[barindex-t4]>high[barindex-t3] then

linet32=high[barindex-t4]-(((barindex-t4)*sqrt(square(high[barindex-t3]-high[barindex-t4])))/(t3-t4))

else

linet32=high[barindex-t4]+(((barindex-t4)*sqrt(square(high[barindex-t3]-high[barindex-t4])))/(t3-t4))

endif

// bots

if low[barindex-b2]>low[barindex-b1] then

lineb1=low[barindex-b2]-(((barindex-t2)*sqrt(square(low[barindex-b1]-low[barindex-b2])))/(b1-b2))

else

lineb1=low[barindex-b2]+(((barindex-b2)*sqrt(square(low[barindex-b1]-low[barindex-b2])))/(b1-b2))

endif

if low[barindex-b3]>low[barindex-b2] then

lineb2=low[barindex-b3]-(((barindex-b3)*sqrt(square(low[barindex-b2]-low[barindex-b3])))/(b2-b3))

else

lineb2=low[barindex-b3]+(((barindex-b3)*sqrt(square(low[barindex-b2]-low[barindex-b3])))/(b2-b3))

endif

if low[barindex-b3]>low[barindex-b1] then

lineb21=low[barindex-b3]-(((barindex-b3)*sqrt(square(low[barindex-b1]-low[barindex-b3])))/(b1-b3))

else

lineb21=low[barindex-b3]+(((barindex-b3)*sqrt(square(low[barindex-b1]-low[barindex-b3])))/(b1-b3))

endif

if low[barindex-b4]>low[barindex-b1] then

lineb3=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b1]-low[barindex-b4])))/(b1-b4))

else

lineb3=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b1]-low[barindex-b4])))/(b1-b4))

endif

if low[barindex-b4]>low[barindex-b2] then

lineb31=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b2]-low[barindex-b4])))/(b2-b4))

else

lineb31=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b2]-low[barindex-b4])))/(b2-b4))

endif

if low[barindex-b4]>low[barindex-b3] then

lineb32=low[barindex-b4]-(((barindex-b4)*sqrt(square(low[barindex-b3]-low[barindex-b4])))/(b3-b4))

else

lineb32=low[barindex-b4]+(((barindex-b4)*sqrt(square(low[barindex-b3]-low[barindex-b4])))/(b3-b4))

endif

// return values

resistance=(linet1+ linet2+ linet21+ linet3+ linet31+ linet32)/6

support=(lineb1+ lineb2+ lineb21+ lineb3+ lineb31+ lineb32)/6

midpoint=(resistance+support)/2

return resistance, support, midpoint

bands DAX following fx lines resistance support trend trendlines

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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Filename : download the ITF files

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Nicolas • 01/29/2017 #
Hello Wing, nice to see your name into the Library too 🙂 I appreciate your help on forums!
I need to investigate more into your interesting indicator, I think I might need some time to perfectly understand the concept behind its code. Thanks for the contribution, I’m looking forward for more interesting things from your own research 🙂

Wing • 01/29/2017 #
Yes, investigate as much as you want. For more insight, you can view the linet1, linet2 etc. individually on the chart. That will show you exactly what trend lines are found and used for the bands.

CKW • 01/29/2017 #
Hi Wing,
Thanks for your sharing. I am still trying to breakdown & understand your code.
For your example above, 30m chart & Parameter = 7. Does it mean this indicator analysze the Support & Resistance for the last 7 candles? (e.g. 4 hours?)
Br, CKW
- Wing • 01/29/2017 #
  Hello CKW.
  No, the parameter, 7 in this case, is used when calling the RSI indicator to identify points of interests. It is between these these points that the trend lines are drawn. There are 8 points in total on which the lines are based, and when a new point is found, the oldest previous point is discarded. New points are found only when the RSI[7] hits an extreme low or high, so the distance between points will vary. If you increase the parameter from 7 to 9 for example, you will experience trend lines that are based on more long-term trends.

MaoRai54 dear Ivan, it seems to be very interesting but please clarify what are all the lines I see i...

Iván Hi! you have the answer in the last line of code... MacdMiddle as "histo" style(histogra...

kats Le Top , a utiliser avec le nuage violet et alerte TN pour plus de précision.

roccafragius Hello Ivan, very good job! May I ask you to translate teh script from TradingView named Tre...

Iván Hi! yes. You can ask for it here: https://www.prorealcode.com/free-code-conversion/

roccafragius Thank you so much Ivan! I created this request in english Translate from TradingView Indicat...

Jean2139 Bonjour Yvan, Merci pour ton indicateur que je trouve très intéressant. Je suppose que tu ...

Suffi Hier eine kleine Korrektur: //-----Inputs-----------------------------------------// MALengt...

Faisalx Hola Ivan. Thanks for your great job. I would appreciate if you have look at my request http...

roccafragius Thank you for all these useful information!! Very great job Ivan! THank you so much

geroniman Merci Ivan, super travail. On peut toujours compter sur toi pour apporter des innovations su...

Stenozar Ciao mi restituisce errore line 1; forse è perchè utilizzo la versione 11 ? in questo caso d...

Stenozar Ciao IVAN , mi da errore per la riga 49 "print tema low"; puoi suggerirmi la modifica da met...

Iván Avete provato a scaricare il file .itf?

kats BONSOIR c bon merci j ai trouve ce weekend merci de votre reponse cdlt

the_giorgio Hi, nice work I would like to understand something about prorealtime code. With your ...

Iván Hello. When you use the drawcandle() instruction then in the configuration window you add ...

Iván Si lo descargas e importas en tu PRT verás que se han creado las variables para luego config...

WhyAskOZ Hi, Ivan As always you are doing great coding. The code works on my PRT, however the issu...

Iván You can delete in the last line (return) the configuration for color. Delete coloured(xx,xx,...

Lean Me parece muy buen indicador, y se complementa muy bien en mi sistema, ¿podrías crear un scr...

Iván Gracias! Para el screener sólo tienes que copiar el indicador y poner como condición de búsq...

Lean Muchas gracias Iván, ya lo he podido crear.

Doddge Hola Iván, ¿sería posible crear un screener que indique cuándo las velas coloreadas del indi...

RTR Ivan thank you for the pro-screener. I a trying to understand how to write the signals from ...

Iván Hi, Lines 62 and 63. These lines define buy and sell conditions.

Iván Hi You should delete from the indicator code all drawing functions and all variables not us...

Iván I've created a screener to show [longcondition or shortcondition]

Chrisinobi Hallo Ivan, Danke das ist Perfekt !! Kannst du bitte in der Screener-Bibliothek die itf. hoc...

MaoRai54 Thanks, now it's OK. in your first code at line 15-16 it's missing.

Madrosat Hello Ivan Did you try a strategy with this indicator

Iván Hi. No I didn't. This is a code translation requested by an user a few days ago.

Wing’s Trend Line Bands – (Support and Resistance)

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