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Im wondering if there is a channel indicator floating around anywhere?
I've done a little searching but cant find what im looking for.
It would basically take the most recent high and then join it with the previous swing high, if that previous high was lower. (obviously also the same for lows)
Not sure if that makes sense, but I 'think' that's what I mean.
So in the attached chart, the indicator woul automatically draw a line something like the one that I have drawn manually.
thanks
Can you help answer these questions from other members on NexusFi?
I have not seen any indicator, which draws correct trend channels. By the way, if I look at your chart, I would not start with the trend channel line, but with the trend line, which should be drawn from the pivot low. The trend channel line can then be created by shifting the trend line up and connect it to the first high pivot. As you can see it correctly predicted the second and third high pivot, as both of them only formed later.
I do not start with the trend line, because it is the trend line, but because it has two data points before the trend channel line gets it second point.
This thing is not easy to code, as you need many rules to determine the correct pivots to attach the lines.
The ony thing available now is a linear regression channel. This will produce a correct midline, if it is started at the correct anchor point. I always had the idea to make it adaptive in a way that it selects the correct anchor point for the channel without the need of manually adjusting the lookback period of the linear regression indicator.
Charts attached below. Regression channel is available in the downloads section of the forum.
A trend channel drawing tool facilitates drawing trend channels, so it is quite an improvement. Today I still have to copy the trendline, then shift it vertically to get the trend channel line, or vice versa.
This does not remove the need for an indicator which draws trendlines automatically. However, I understand that this is not an easy task and I do not expect that a trend channel indicator comes as a default indicator of NinjaTrader.
Moreover, there are various solutions to draw trendlines or trendchannels.For example if you draw them directly from the swing pivots they actually may cut into the tails of some bars. The NinjaTrader AutoTrendLine indicator - downloaded from the forum - is pretty useless, chart attached.
But other software packages do not have good trendline indicators either, as it is a difficult task. ProRealTime has a trendline indicator, which I find confusing, as I cannot understand the rules along which it is coded.
