OPEN-SOURCE SCRIPT
Auto Parallel Channel [KTY]
[KTY] Auto Parallel Channel
Automatically detects and draws parallel channels based on ZigZag pivot structure. Supports multi-level channel detection, slope filtering, and channel extension after breakout.
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📊 Features
- Auto Channel Detection
- Automatically generates parallel channels by connecting swing highs and lows
- Bullish Channel (Green): Based on HL (Higher Low) pivots
- Bearish Channel (Red): Based on LH (Lower High) pivots
- Multi-Level Structure
- Major Channels: Large trend structure (solid lines)
- Minor Channels: Short-term swing structure (dashed/dotted lines)
- 8 channels total (Major/Minor × External/Internal × Bull/Bear)
- Midline
- Dotted line at the 50% level of each channel
- Serves as a mean reversion reference
- Slope Display
- Each channel label shows its slope (%)
- Positive (+) for ascending, Negative (-) for descending
- Slope Filter
- Option to display only channels above a minimum slope threshold
- Separate threshold settings for bullish and bearish channels
- Channel Extension
- Extends the channel by N bars after price breaks out
- Adjustable extension length (default: 30 bars)
- Alerts
- Bullish Channel Touch: Price touches bullish channel support
- Bearish Channel Touch: Price touches bearish channel resistance
- Bullish Channel Break: Price breaks below bullish channel
- Bearish Channel Break: Price breaks above bearish channel
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✅ How to Use
1. Channel bottom touch → Check for bounce
2. Channel top touch → Check for resistance
3. Channel break → Check for trend reversal or acceleration
4. Midline reaction → Check for mean reversion
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💡 Tips
- Major channels are more reliable than Minor channels
- Channel breakout with increasing volume = higher confidence
- Overlapping channels = stronger support/resistance zones
- Combine with FVG, Order Blocks, and liquidity sweeps for confluence
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📌 Notes
This indicator is open-source under the Mozilla Public License 2.0.
Created by Kim Thank You (김땡큐)
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⚠️ Disclaimer
This indicator is provided for educational purposes only.
It is not financial advice. Always trade at your own risk.
Automatically detects and draws parallel channels based on ZigZag pivot structure. Supports multi-level channel detection, slope filtering, and channel extension after breakout.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
📊 Features
- Auto Channel Detection
- Automatically generates parallel channels by connecting swing highs and lows
- Bullish Channel (Green): Based on HL (Higher Low) pivots
- Bearish Channel (Red): Based on LH (Lower High) pivots
- Multi-Level Structure
- Major Channels: Large trend structure (solid lines)
- Minor Channels: Short-term swing structure (dashed/dotted lines)
- 8 channels total (Major/Minor × External/Internal × Bull/Bear)
- Midline
- Dotted line at the 50% level of each channel
- Serves as a mean reversion reference
- Slope Display
- Each channel label shows its slope (%)
- Positive (+) for ascending, Negative (-) for descending
- Slope Filter
- Option to display only channels above a minimum slope threshold
- Separate threshold settings for bullish and bearish channels
- Channel Extension
- Extends the channel by N bars after price breaks out
- Adjustable extension length (default: 30 bars)
- Alerts
- Bullish Channel Touch: Price touches bullish channel support
- Bearish Channel Touch: Price touches bearish channel resistance
- Bullish Channel Break: Price breaks below bullish channel
- Bearish Channel Break: Price breaks above bearish channel
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
✅ How to Use
1. Channel bottom touch → Check for bounce
2. Channel top touch → Check for resistance
3. Channel break → Check for trend reversal or acceleration
4. Midline reaction → Check for mean reversion
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
💡 Tips
- Major channels are more reliable than Minor channels
- Channel breakout with increasing volume = higher confidence
- Overlapping channels = stronger support/resistance zones
- Combine with FVG, Order Blocks, and liquidity sweeps for confluence
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
📌 Notes
This indicator is open-source under the Mozilla Public License 2.0.
Created by Kim Thank You (김땡큐)
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
⚠️ Disclaimer
This indicator is provided for educational purposes only.
It is not financial advice. Always trade at your own risk.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Hi, I'm Kim Thank You 👋
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Hi, I'm Kim Thank You 👋
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
KTY = Kim Thank You (김땡큐)
After years of trading, I've studied countless technical analysis methods.
Now I create and share indicators based on that experience 📊
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.