Drawing Trendlines at a User-Selected Price Chart Angle

Summary

This document describes an indicator that plots a trendline at a user-selected angle, such as 45 degrees, using recent price highs and lows over a chosen number of bars. It is intended as a visual aid for price-action analysis, where traders may use line slope to assess the direction or strength of a trend. The user first adjusts the chart scale to a comfortable setting, then sets separate angles for upward and downward lines and selects the lookback period.

The method is configurable, but the document gives no performance evidence or rules for turning the plotted lines into entries, exits, or risk limits. The apparent angle depends on chart scaling, so it is a visual chart property rather than a consistent measure of price movement across charts or instruments. The indicator identifies recent extremes and draws a line to match the requested angle; it does not establish that an angle predicts future returns.

Key ideas

• The indicator draws trendlines to match user-selected upward and downward angles.
• The user sets a chart scale before configuring the indicator.
• A chosen lookback period determines which recent highs and lows are considered.
• The document presents the angle as a visual aid and provides no evidence of predictive performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.