Many software programs and some web-based programs already compute auto trend lines. Why not just use these programs unless it's a cost issue. Yet, some of the web-base programs are free. Maybe the existing auto trend line stuff that's easily available isn't useful to you or you have other stuff that needs to be automated with the trend lines ? Mark
Hi Prof, can you clarify what you mean by results not being "consistent"? Are you saying that a TL, once drawn, needs to have price bounce off it some x number of times for it to be called "consistent"? And that you've found TLs drawn on time duration bars wanting in that respect? Just trying to understand where you're coming from.
=============== Good points Profit-Logic; espcially the point ''charts do not predict anything'' LOL However if one uses the modified rule of 72[work 6 days a week, 12 hours a day, =72 hours a week] ,,for 7 years with discretion. Therefore, computer drawn trendlines=50 dma, & 200 day /period moving average, may be quite helpful, quite profitable.High %% are possible; even though huge amounts of money have been made consistantly , with low %% hit rate also,
Any indicator applied to unbalanced charts isn't going to be as accurate and consistently useful as those applied to balanced charts. I'm an advocate for Constant Volume Bar charting because of the balanced nature of the chart environment, regardless of the method of trading or investing you are using. Any chart where each bar displays a differing amount of volume per bar has "ZERO" possibility of showing any long term consistency related to pattern recognition techniques. This is one of the major reasons why it is an industry standard to state, "edges work till they stop working". They stop working because the specific volume environment they are built inside changes because the volume environment changes.