Fun with ThinkScript: Automatic Trend Channel

Another great indicator released by Robert. I just purchased the Automatic Trend Channels. It's badass.


Automatic Trend Channels

Identify potential support and resistance areas faster and easier

Fun with ThinkScript: Automatic Trend Channel animation

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.

Major Update: 05 Sep 2022

The auto-channel indicator now includes support for multi-time frame channels. That means that the channels can be calculated based on higher time frames. I feel that this makes the channels more beneficial to the trader.