Pivot Trendlines with Breaks [HG]

🧾 Pivot Trendlines and Breaks
A script meant to debut and provide an example usage of the Simple Trendlines library using Pine Script's built-in pivot system.

In under 50 lines of code, with inputs, plots, styling, and alerts included we're able to create trendlines with a breakout system.

▶️ How it works
Calculating pivot points helps traders identify moments at which the market's attitude can shift from bullish to bearish. In the background, the script tracks pivot events for trendlines and uses a system that prevents any leakage between the trendlines before they are drawn.

⚫️ Settings

• Pivot Length
  
• Color Adjustments
  

⚫️ Alerts

Notas de prensa:

Refactor

• Runtime performance increase.
  

Notas de prensa:

Added

• Repaint options
  
• More style options
  

Notas de prensa:

Update

• Maximum line display count is now set as default.
  
• The indicator now features newly displayed target levels.
  

Notas de prensa:

Add

• More Input Options
  
• Ability to choose an external source, giving the script a more "universal" feel. Users now have the freedom to choose the way they want their breakouts to be, with the "Use Source for Cross Detection" input.
  
• Introducing an optional faster pivot system, the same one used in RSI Trendlines with Breakouts
  

Here's an example image of the script calculating trendlines with breaks on the TEMA. Now possible with this update.

While the code is no longer around 50 lines as stated in the main description, the indicator is structured and extended to provide developers with examples of how the Simple Trendlines library can be used.

Notas de prensa:

Refactor

• Removed old pivot system in favor of Pine Script's built-in pivot system. Leading to run-time performance increase and more accurate results.