Average Lines This script beholds several new exiting Pine stuff: - linefill, fill of line.new - last_bar_index, gives the bar_index of the last bar, already at the beginning of the script! (like 'timenow', but now with bar_index)
The script is about pivot points, if there is one, it draws a line from the last to every previous one, then it extends this line to the future. On every next bar, all these lines and added and averaged, this gives an average line of all extended lines which are projected in the 'future'. In that way, we create a new kind of moving average
Do mind, since the visible lines maximum of 500 it can easily happen that an average is made of way more lines than 500, but that you cannot see all of them
Cheers!
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Deeper explanation:
Settings: - Leftbars, Rightbars -> for Pivot Point Calculation (https://www.tradingview.com/pine-script-reference/v5/#fun_ta{dot}pivothigh) - Fill lines -> Yes/No - Choice -> Show only ph (pivot high lines), pl (pivot low lines), both or none - Max pivot points for calculation -> Set the max previous PP 's every PP gets connected to - Max bars between concerning bar and last bar -> This sets the 'start', for example, you want to include the latest 1000 bars -> set 1000 - colour settings
Cheers!
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update
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update picture
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Improvement of performance, especially on second timeframes However, lots of calculations are going on When there are issues, 1 of more of the following can be done: - only use 'ph' or 'pl' as 'choice' instead of 'both' - lower the 'max pivot points for calculations' (example to 100 or 50) - lower 'max bars between concerning bar and last bar'