This package includes the Thinkorswim TOS Auto Trend line indicator, trend line breakout SCAN and custom quote for watchlist.
The Trend line indicator will only plot the most recent two trend lines for both uptrend and downtrend.
The Trend line above the price is formed by two recent swing highs, and the line below the price is formed by two recent swing lows.
You will be able to define the strength of swing high and low in order to detect long term, midterm and short term trend lines. The input Strength is the number of bars on the left and right side of the swing point.
The following video shows how it works on a real-time replay tick chart, the Strength input is 5.
It works the same way on all other timeframes.
It will alert when the price either cross above the upper trend line, or cross below the lower trend line.
Furthermore, it works on any timeframe and all kind of securities (Stock, Forex, Futures, etc.)
The Trend line SCAN will search and find all symbols with the last price that closes above the upper trend line or below the lower trend line.
The chart alert and SCAN use the same calculation for cross above upper trend line and cross below lower trend line.
For example, in the chart below, you will get two alerts, the 1st one is on bar A when it's the 1st time to cross above the upper trend line,
the 2nd alert is on bar B. If the price pullback and cross above the upper trend line again in the future, you will get the 3rd alert.
You will also get both bar A and B in SCAN result, if you scan in 4 days ago(this is a Daily chart), bar A is the last bar at that time, and it crosses above the upper trend line.
Then the price went down and now bar B cross above upper trend line again, so if you scan today, you will get result for this stock again.
You can always apply this indicator multiple times with different "Strength" settings to detect long term, midterm and short term trend lines on the same chart. For example, you can use one with Strength=6 and another with Strength=12. In fact, you can add it as many times as you like, just like the moving average indicator.
The custom quote will show the relative position of current price in the watchlist.
If Close is above the upper trend line, it will show "Above"
If Close is below the lower trend line, it will show "Below"
If Close is between the upper and lower trend line, it will show "Between"
You can apply it to more than one column with a different timeframe.
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