High - Low Trend Tunnel Experiment.
Using latest pinescript Array support!
Plotting Highest highs and Lowest lows for specific length (can be defined in settings).
The blue line is whom determinate the direction.
Blue line is the average of the highest highs and lowest lows smoothed by EMA.
Green - Up Trending.
Red - Down Trending.
Yellow - Squeeze, a...
Using the new 'pinescript' array support to build an High/Low tunnel meter.
Using the Array to save only X HIGHEST HIGHS and Y LOWEST LOWS.
By the X and Y i build a tunnel - X is the top line (highs) and Y bottom line (lows)
Green - Up Trending
Red - Down Trending
Yellow - Reversal / drawback might occur.
Easy Wave Tunnel
Wavy Line ;
ema34 3 lines = High, Close , Low
Tunnel Line ;
ema144 , close and ema169, close
5 Rules to use WaveTunnel
1. Wavy Lines and Tunnel Lines are the natural Resistant and Support line.
2. Price above both Wavy & Tunnel = Uptrend , Price below both Wavy & Tunnel = Downtrend
3. Break Wavy Line , price run to Tunnel Line