Experienced traders always tell us that “Never trade against the trend.” or “Trend is our friend.”. Yes sure, no one wants to trade against the trend. However, there are a lot of trends with different types and cycles, then which trend to follow, which trend they are mentioning? This tool (also known as ALTT x16, Laser Net x16) will support us in identifying different linear trends with different cycles. Nearest history-based targets are also added for our convenience of completeness.
Markets: All. Timeframes: All. Recommendation: 30m and above. Periods: Up to 16. Usage: The higher period of a trend, the more strength it has. Enter when price breakouts a trend line and exit at the nearest trend line and target.
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• Expand max of lower periods (0-3) to 500 and max of upper periods (4-13) to 1000, (14-15) to 1200. • Error: Pine cannot determine the referencing length of a series. https://drive.google.com/file/d/1DZ_GkDNvKKy3vqSBkx2HLr1PRZD-WjG-/view?usp=sharing Solution: Try to reduce (uncheck) high periods in calculating targets. It does not affect the suggested targets offered by the tool as only nearest targets are shown.
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Add default period profile options. We could switch easily between period profiles.
Example: 1w, Low Periods
1w, High Periods
30m, Low Periods
30m, High Periods
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• Changes in status table display.
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• Change in description: Timeframes: min 5s for default low periods and default high periods. Recommendation: 30m and above. • Improve performance. • Update author’s instruction.
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• Increase number of trend lines for each period from 2 to 3.
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• Add Target Area. • Fix bug.
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• Change default background color of trend table and target table. • Reduce workload, hence execution time. • Fix bug: Targets are not shown in some tickers with high timeframes (1W, 1M). Details will be provided in coming Monthly Update to Patrons: November 2022.
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• Add Power checkbox to restart the indicator when calculation timeout occurs. Users do not need to remove/readd the indicator.
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Add higher-high and lower-low boundaries to support the analysis of linear-boundary patterns: • Broadening Bottoms, Broadening Tops (Broadening Symmetric Triangle) • Broadening Formation, Right-Angled and Ascending (Broadening Asymmetric Ascending Triangle) • Broadening Formation, Right-Angled and Descending (Broadening Asymmetric Descending Triangle) • Broadening Wedge, Ascending • Broadening Wedge, Descending • Bump-and-Run Reversal, Bottom • Bump-and-Run Reversal, Top • Diamond Bottoms • Diamond Tops • Flags • Pennants • Head-and-Shoulders Bottoms • Head-and-Shoulders Bottoms, Complex • Head-and-Shoulders Tops • Head-and-Shoulders Tops, Complex • Triangles, Ascending • Triangles, Descending • Triangles, Symmetric • Wedges, Falling (Only high performance with upward breakout (bullish reversal) in bear market) • Wedges, Rising (Very low performance) • Wolfe Wave®, Bullish (Only high performance with upward breakout (bullish reversal) in bear market) • Wolfe Wave®, Bearish (Very low performance)
Thomas N. Bulkowski (2021). Encyclopedia of Chart Patterns. Wiley.