// This work is licensed under a Attribution-NonCommercial-ShareAlike 4.

0
International (CC BY-NC-SA 4.0) https://creativecommons.org/licenses/by-nc-sa/4.0/
// © LuxAlgo

//@version=5
indicator("Trendlines with Breaks [LuxAlgo]", "LuxAlgo - Trendlines with Breaks",
overlay = true)
//------------------------------------------------------------------------------
//Settings
//-----------------------------------------------------------------------------{
length = input.int(14, 'Swing Detection Lookback')
mult = input.float(1., 'Slope', minval = 0, step = .1)
calcMethod = input.string('Atr', 'Slope Calculation Method', options =
['Atr','Stdev','Linreg'])
backpaint = input(true, tooltip = 'Backpainting offset displayed elements in the
past. Disable backpainting to see real time information returned by the
indicator.')

//Style
upCss = input.color(color.teal, 'Up Trendline Color', group = 'Style')
dnCss = input.color(color.red, 'Down Trendline Color', group = 'Style')
showExt = input(true, 'Show Extended Lines')

//-----------------------------------------------------------------------------}
//Calculations
//-----------------------------------------------------------------------------{
var upper = 0.
var lower = 0.
var slope_ph = 0.
var slope_pl = 0.

var offset = backpaint ? length : 0

n = bar_index
src = close

ph = ta.pivothigh(length, length)
pl = ta.pivotlow(length, length)

//Slope Calculation Method

slope = switch calcMethod
'Atr' => ta.atr(length) / length * mult
'Stdev' => ta.stdev(src,length) / length * mult
'Linreg' => math.abs(ta.sma(src * n, length) - ta.sma(src, length) * ta.sma(n,
length)) / ta.variance(n, length) / 2 * mult

//Get slopes and calculate trendlines

slope_ph := ph ? slope : slope_ph
slope_pl := pl ? slope : slope_pl

upper := ph ? ph : upper - slope_ph

lower := pl ? pl : lower + slope_pl

var upos = 0
var dnos = 0
upos := ph ? 0 : close > upper - slope_ph * length ? 1 : upos
dnos := pl ? 0 : close < lower + slope_pl * length ? 1 : dnos

//-----------------------------------------------------------------------------}
//Extended Lines
//-----------------------------------------------------------------------------{
var uptl = line.new(na,na,na,na, color = upCss, style = line.style_dashed, extend
= extend.right)
var dntl = line.new(na,na,na,na, color = dnCss, style = line.style_dashed, extend
= extend.right)

if ph and showExt
uptl.set_xy1(n-offset, backpaint ? ph : upper - slope_ph * length)
uptl.set_xy2(n-offset+1, backpaint ? ph - slope : upper - slope_ph *
(length+1))

if pl and showExt
dntl.set_xy1(n-offset, backpaint ? pl : lower + slope_pl * length)
dntl.set_xy2(n-offset+1, backpaint ? pl + slope : lower + slope_pl *
(length+1))

//-----------------------------------------------------------------------------}
//Plots
//-----------------------------------------------------------------------------{
plot(backpaint ? upper : upper - slope_ph * length, 'Upper', color = ph ? na :
upCss, offset = -offset)
plot(backpaint ? lower : lower + slope_pl * length, 'Lower', color = pl ? na :
dnCss, offset = -offset)

//Breakouts
plotshape(upos > upos[1] ? low : na, "Upper Break"
, shape.labelup
, location.absolute
, upCss
, text = "B"
, textcolor = color.white
, size = size.tiny)

plotshape(dnos > dnos[1] ? high : na, "Lower Break"

, shape.labeldown
, location.absolute
, dnCss
, text = "B"
, textcolor = color.white
, size = size.tiny)

//-----------------------------------------------------------------------------}
//Alerts
//-----------------------------------------------------------------------------{
alertcondition(upos > upos[1], 'Upward Breakout', 'Price broke the down-trendline
upward')
alertcondition(dnos > dnos[1], 'Downward Breakout', 'Price broke the up-trendline
downward')

//-----------------------------------------------------------------------------}