Auto Parallel Channel [KTY]

[KTY] Auto Parallel Channel
Automatically detects and draws parallel channels based on ZigZag pivot structure. Supports multi-level channel detection, slope filtering, and channel extension after breakout.

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📊 Features

- Auto Channel Detection
- Automatically generates parallel channels by connecting swing highs and lows
- Bullish Channel (Green): Based on HL (Higher Low) pivots
- Bearish Channel (Red): Based on LH (Lower High) pivots

- Multi-Level Structure
- Major Channels: Large trend structure (solid lines)
- Minor Channels: Short-term swing structure (dashed/dotted lines)
- 8 channels total (Major/Minor × External/Internal × Bull/Bear)

- Midline
- Dotted line at the 50% level of each channel
- Serves as a mean reversion reference

- Slope Display
- Each channel label shows its slope (%)
- Positive (+) for ascending, Negative (-) for descending

- Slope Filter
- Option to display only channels above a minimum slope threshold
- Separate threshold settings for bullish and bearish channels

- Channel Extension
- Extends the channel by N bars after price breaks out
- Adjustable extension length (default: 30 bars)

- Alerts
- Bullish Channel Touch: Price touches bullish channel support
- Bearish Channel Touch: Price touches bearish channel resistance
- Bullish Channel Break: Price breaks below bullish channel
- Bearish Channel Break: Price breaks above bearish channel

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✅ How to Use

1. Channel bottom touch → Check for bounce
2. Channel top touch → Check for resistance
3. Channel break → Check for trend reversal or acceleration
4. Midline reaction → Check for mean reversion

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💡 Tips

- Major channels are more reliable than Minor channels
- Channel breakout with increasing volume = higher confidence
- Overlapping channels = stronger support/resistance zones
- Combine with FVG, Order Blocks, and liquidity sweeps for confluence

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📌 Notes

This indicator is open-source under the Mozilla Public License 2.0.
Created by Kim Thank You (김땡큐)

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⚠️ Disclaimer
This indicator is provided for educational purposes only.
It is not financial advice. Always trade at your own risk.