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.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
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 📊
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
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 📊
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.