PZT AUTO TREND provides a mechanical method of drawing trendlines on a price chart. Trendlines are an important tool for analyzing market activity and can provide a method of making trading decisions based on past levels of support and resistance. Manually drawing trendlines takes practice and can be somewhat subjective. This indicator will draw trendlines connecting past swings in price using consistent logic.
This indicator uses an intuitive method of calculating price swings based on “real” market action, not just highs and lows. The strength of the trendlines can be defined for individual markets with larger numbers representing more powerful price swings that will be used in the construction of the trendlines (the default setting is 60). Typically, values around 10 will draw frequent, weak trendlines while values up around 100 will require stronger price swings. The size and the color of the trendlines may also be defined.
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