OPEN-SOURCE SCRIPT
Auto Parallel Channel [KTY]
[KTY] Auto Parallel Channel
Automatically detects and draws parallel channels based on ZigZag pivot structure. Supports multi-level channel detection, slope filtering, and channel extension after breakout.
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📊 Features
- Auto Channel Detection
- Automatically generates parallel channels by connecting swing highs and lows
- Bullish Channel (Green): Based on HL (Higher Low) pivots
- Bearish Channel (Red): Based on LH (Lower High) pivots
- Multi-Level Structure
- Major Channels: Large trend structure (solid lines)
- Minor Channels: Short-term swing structure (dashed/dotted lines)
- 8 channels total (Major/Minor × External/Internal × Bull/Bear)
- Midline
- Dotted line at the 50% level of each channel
- Serves as a mean reversion reference
- Slope Display
- Each channel label shows its slope (%)
- Positive (+) for ascending, Negative (-) for descending
- Slope Filter
- Option to display only channels above a minimum slope threshold
- Separate threshold settings for bullish and bearish channels
- Channel Extension
- Extends the channel by N bars after price breaks out
- Adjustable extension length (default: 30 bars)
- Alerts
- Bullish Channel Touch: Price touches bullish channel support
- Bearish Channel Touch: Price touches bearish channel resistance
- Bullish Channel Break: Price breaks below bullish channel
- Bearish Channel Break: Price breaks above bearish channel
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✅ How to Use
1. Channel bottom touch → Check for bounce
2. Channel top touch → Check for resistance
3. Channel break → Check for trend reversal or acceleration
4. Midline reaction → Check for mean reversion
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💡 Tips
- Major channels are more reliable than Minor channels
- Channel breakout with increasing volume = higher confidence
- Overlapping channels = stronger support/resistance zones
- Combine with FVG, Order Blocks, and liquidity sweeps for confluence
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📌 Notes
This indicator is open-source under the Mozilla Public License 2.0.
Created by Kim Thank You (김땡큐)
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⚠️ Disclaimer
This indicator is provided for educational purposes only.
It is not financial advice. Always trade at your own risk.
Automatically detects and draws parallel channels based on ZigZag pivot structure. Supports multi-level channel detection, slope filtering, and channel extension after breakout.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
📊 Features
- Auto Channel Detection
- Automatically generates parallel channels by connecting swing highs and lows
- Bullish Channel (Green): Based on HL (Higher Low) pivots
- Bearish Channel (Red): Based on LH (Lower High) pivots
- Multi-Level Structure
- Major Channels: Large trend structure (solid lines)
- Minor Channels: Short-term swing structure (dashed/dotted lines)
- 8 channels total (Major/Minor × External/Internal × Bull/Bear)
- Midline
- Dotted line at the 50% level of each channel
- Serves as a mean reversion reference
- Slope Display
- Each channel label shows its slope (%)
- Positive (+) for ascending, Negative (-) for descending
- Slope Filter
- Option to display only channels above a minimum slope threshold
- Separate threshold settings for bullish and bearish channels
- Channel Extension
- Extends the channel by N bars after price breaks out
- Adjustable extension length (default: 30 bars)
- Alerts
- Bullish Channel Touch: Price touches bullish channel support
- Bearish Channel Touch: Price touches bearish channel resistance
- Bullish Channel Break: Price breaks below bullish channel
- Bearish Channel Break: Price breaks above bearish channel
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
✅ How to Use
1. Channel bottom touch → Check for bounce
2. Channel top touch → Check for resistance
3. Channel break → Check for trend reversal or acceleration
4. Midline reaction → Check for mean reversion
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
💡 Tips
- Major channels are more reliable than Minor channels
- Channel breakout with increasing volume = higher confidence
- Overlapping channels = stronger support/resistance zones
- Combine with FVG, Order Blocks, and liquidity sweeps for confluence
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
📌 Notes
This indicator is open-source under the Mozilla Public License 2.0.
Created by Kim Thank You (김땡큐)
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
⚠️ Disclaimer
This indicator is provided for educational purposes only.
It is not financial advice. Always trade at your own risk.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Hi, I'm Kim Thank You 👋
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Hi, I'm Kim Thank You 👋
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.