The Trendlines Oscillator is a trading indicator designed to identify market trends and momentum by analyzing the normalized distances between the current price and recently detected bullish (support) and bearish (resistance) trendlines. It operates by detecting pivot highs and lows, connecting these to form trendlines, measuring the price distance from these lines, and normalizing the results into momentum values between 0 and 100. The indicator features three key lines: a Bullish Momentum Line (green) indicating buyer strength, a Bearish Momentum Line (red) indicating seller strength, and a Signal Line (gray) that highlights potential trading opportunities through crossovers with the momentum lines.
Users can customize the indicator’s sensitivity and responsiveness by adjusting the Length (market structure size for trendline detection) and Memory (number of trendlines considered). The tool also offers data and signal smoothing options using various methods, including SMA and triangular moving averages, to provide clearer signals. The Trendlines Oscillator supports alerts for bullish and bearish crossovers and allows customization of line styles and colors. It provides a structural market analysis combined with momentum calculations to help traders assess buyer versus seller dominance and identify trend continuation or reversal opportunities.