//@version=4
//
/////////////////////////////////////////////////////
/// © Copyright 2020 to present, Joris Duyck (JD) ///
/////////////////////////////////////////////////////
//{
// This script draws trendlines from the pivot points in the price chart.
// The angle of the trendlines is determined by (a percentage of) the atr.
// The angle follows the change in price, compared to the atr at the moment where the pivot point is detected
// The atr percentage determines if the trendline follows the rate of change of the atr or a fraction ( value < 100) or a multiple ( value > 100) of that
// JD.
// #NotTradingAdvice #DYOR
// Disclaimer.
// I AM NOT A FINANCIAL ADVISOR.
// THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
// ALWAYS DO YOUR OWN RESEARCH!
//}
study(title = "ATR Based Trendlines - JD", shorttitle="ATR Trendlines - JD", overlay=true)
// Input variables
//{
len = input(30, title = "loockback length pivots")
atr_percent = input(100, title = "atr target percentage", minval = 0) / 100
wicks = input(true, title = "Draw lines from wicks (checked) or real bodies (unchecked)?")
do_mono = input(false, title = "checked = monochrome lines, unchecked = direction colored lines?")
//}
// Initialising color scheme
//{
var color line_color_high = do_mono ? color.teal : color.lime
var color line_color_low = do_mono ? color.teal : color.fuchsia
//}
/////// Function declarations ///////
//{
angle_to_slope_percent (_degrees) =>
_slope = (_degrees/100 * atr(len / 2))
//}
/////// Start of main script ///////
// Calculate pivot points
//{
high_point = fixnan(pivothigh(wicks ? high : (max(close, open)), len, len /2 ))
low_point = fixnan(pivotlow(wicks ? low : (min(close, open)), len, len / 2))
//}
// plot trendlines //
//{
var line trendline_high = na
var line trendline_low = na
trendline_high := na
trendline_low := na
slope_high = atr_percent * angle_to_slope_percent(len / 2)
slope_low = atr_percent * angle_to_slope_percent(len / 2)
if change(high_point) != 0
trendline_high := line.new(
bar_index - len/2, high_point,
bar_index , high_point - (slope_high * len / 2), xloc = xloc.bar_index,
extend = extend.right, color = line_color_high, style = line.style_dotted, width = 1)
// plot Low trendlines //
if change(low_point) != 0
trendline_low := line.new(
bar_index - len/2, low_point,
bar_index , low_point + (slope_low * len / 2), xloc = xloc.bar_index,
extend = extend.right, color = line_color_low, style = line.style_dotted, width = 1)
.
