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Searching for an indicator which somehow plots HHs/LLs or trend lines - Any ideas?
I intend to implement this on faster charts. Probably tick charts. The aim is to hopefully construct a methodology for entries and exits.
An indicator is useful for automation, but just as important: objective rules for marking out these 'patterns'.
Free is of course preferrable, but I'm willing to pay for this.
Can anyone point me in the right direction?
I did try one I found for free on NT's site. I believe it is the same as on this site. An auto trend line indicator that is. Maybe I didn't set it up correctly, but it didn't meet my requirements.
I also trialed on which was sold commercially (don't remember the name at the moment), but that one was also a disappointment.
Agree with Trendisyourfriend, it does label and plot everything you are asking for. I use it to confirm that I made good or bad decisions. The trading issue (the elephant in the corner of the room) on faster tick charts is that by the time the indicator can make a decision the trend has changed and you are chasing the trade. All well and good if it is a 20 point ripper, not so much when the average rotation is under 3 points. So great tool for swing traders, but if you are going to scalp using price action best to stay with the organic processor between your ears.
Thanks for the suggestion on the zig zag. I do have a similar tool. However, the zig zag isn't a trend line, is it? Or does it have the possibillity to plot one?
Also, the HH/HLs, etc., are plotted based on swings, right?
I was thinking perhaps something else where there is no requirement of a certain swing movement in order to make a LL/HH. Although if one uses a sensitive enough setting, I guess it could work.
I'll play around with the zig zag a bit. But also happy to hear other suggestions.
