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Have looked around for a trend channel indicator, and there is an indicator for MetaTrader which is called SHI Channel. I could try to convert this to NinjaTrader, it would be at least a starting point.
This is one of the standard ways to draw trendlines:
Drawing Trendlines In An Uptrend
1. Examine the bottoms of the candles on your chart and identify the most recent candle wick that is lower than the candle wicks to the immediate right and left of it.
2. Look left on the chart, and identify the previous low candle that has candle wicks higher to the immediate right and left of it which is lower than the current low candle.
3. Now draw a line from the current lowest candle to the previous lowest candle (drawing from right to left).
4. Now take the end of the newly drawn line which stops at the current low candle and extend it forward some distance (drawing from the present position to the right).
Drawing Trendlines In A Downtrend
1. Examine the tops of the candles on your chart and identify the most recent candle wick that is higher than the candle wicks to the immediate right and left of it.
2. Look left on the chart, and identify the previous high candle that has candle wicks lower to the immediate right and left of it which is higher than the current high candle.
3. Now draw a line from the current highest candle to the previous highest candle (drawing from right to left).
4. Now take the end of the newly drawn line which stops at the current high candle and extend it forward some distance (drawing from the present position to the right).
This is the way most simple autotrendlines are coded.
Improvements that can be added:
-> Use higher order swing highs and lows.
-> Use an underlying trend filter to filter out irrelevant trendlines.
-> Do not use recent highs and lows, as you are more interested to see older trendlines
-> Shift the trendlines to avoid that wicks which do not comply with high and low definitions to not exceed them
-> add channel lines by using a single high or low on the opposite side
-> also use smaller order highs or lows for the trend channel line, once a new trend has started
Hi Fat tails.
I had to check my opening post again after reading yours, because I thought I had already mentioned the shi-true indicator.
I must have deleted it accidentally whilst initially correcting spelling mistakes or something! lol
Yes, I have used the shi-true indicator for a few years and it sometimes picks out exactly what I was referring too.
There are also other metatrader indicators that are described as trendline indicators which also pick out such channels.
I for one would like to see you attempt to convert the shi-true indicator too at least, as you say, give us a nice starting point.
Previously, if you drew a line or ray for a trend line, you would have to copy, paste, and manually drag a new line to the other side of the channel to create the channel lines. Moving one channel line wouldn't affect the other line, so you ran the risk of the lines no longer being the same angle. With the new tool, you draw the line/ray TL as before and NT automatically creates a parallel copy, which you still need to drag to the other side of the channel, but once in place, the entire channel can now be dragged, re-angled, etc.
i am still looking for a reliable trend channel indicator . And was wondering if Fat tails took on the challenge to program the ninjascript version of metatrader?
In the last 4 years has there been improvement in programming a trend channel indicator?
Is this possible:
You manually draw the trend channels on the chart, but the strategy is able to identify and use these lines for auto trading?
