Auto Cycle Line indicator:
Cycle line tool allows you to draw vertical lines by clicking with the left mouse button on a time bar for the initial vertical line and still holding the left mouse depress click on a second time frame to place the second vertical line. Now the distance between the two will be replicated either forward or backwards on the chart with vertical lines.
What I want is the above cycle line tool to be able to do this automatically on any timeframe chart based on several parameters. For example, on a 15 minute chart I would set a parameter based on bars that would say -
using the last 50 bars on the 15 minute chart place the first vertical bar on the initial market cycle high price and the second vertical line on the next cycle high price.
Now there will be parameters to be set like:
1. How many bars to look for cycle highs or cycle lows.
2. Cycle high or low to place lines.
3. How many bars needed to retrace from the high/low before considering it to be a cycle top/bottom.
4. How many cycles need to elapse before creating new initial cycle lines.
I would also like to have an output put on the chart where it shows:
1. Amount of pips of the initial cycle high to the low.
2. How many bars from first vertical line to the second line... ie. top of first cycle to top of second cycle or bottom of first cycle to bottom of second cycle.
Visualization: I would like to be able to control the properties of the vertical lines like color, thickness of the initial line
- Initial line: color, thickness
- Second line: color, thickness
- All other lines: color, thickness
Let me give a simple example on how I use cycle line tool manually. I am on the 15 minute chart where I look for the last two cycle highs. I use the cycle line tool to place the two initial vertical lines on those two last cycle highs. The tool now creates more vertical lines at the same bar length forward or backwards in time. In this case I am looking at the forward lines. Now after a period of time passes the chart created a new cycle high. Instead of me manual creating the two vertical lines off of the new cycle high I would like to have the cycle line tool automatically do it for me.