An ascending trendline support is an upward-sloping trendline connecting several price lows. It represents a dynamic support area above which price remains as long as the uptrend is sustained.
In trading, a move back towards this support is a technical setup worth monitoring. Traders may look for a stock approaching its ascending trendline and observe the price reaction when it reaches the support. A bounce may accompany a continuation of the bullish trend.
Conversely, a break below the ascending trendline support may indicate a change in market dynamics and call the initial uptrend into question.
The Ascending Trendline Indicator automatically detects and displays trendline support on the ProRealTime chart. It allows you to quickly see its position relative to price, without having to manually identify and draw the ascending trendline.
Automatic display helps save time when analysing charts and makes it easier to monitor a return towards trendline support or a break below it.
Many parameters allow you to adapt the display to your own criteria. All settings can be adjusted directly from the indicator's “Configuration” menu in ProRealTime, without modifying the code.
To search the market for stocks showing this setup, use our Ascending Trendline Screener.
Adjustable validation criteria:
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Disclaimer
Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.
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