parallelChannel

This tool lets you draw two parallel trendlines to mark a channel, plus an optional midline. Traders often use it to visualize when price is “bouncing” between two levels (support & resistance in trend form).

Syntax

parallelChannel(fromPoint, toPoint, parallelDistance, styles?, text?)

Parameters

• fromPoint: The starting point of the channel (use newPoint(time, price)).

• toPoint: The second point, which sets the direction (slope) of the channel.

• parallelDistance: A third point that tells the tool how far away the parallel line should be (the “width” of the channel).

• Parameters (Styles)

  Property	Type	Description
  backgroundColor	BaseColors / RGBAColor	Fill background color of the channel.
  extendLeft	boolean	Extend the lines indefinitely to the left.
  extendRight	boolean	Extend the lines indefinitely to the right.
  fillBackground	boolean	Fill the channel background (default transparent if false).
  labelBold	boolean	Makes the label text bold.
  labelFontSize	number	Font size of the label.
  labelHorzAlign	string	Horizontal alignment of the label (left, center, right).
  labelItalic	boolean	Makes the label text italic.
  labelTextColor	BaseColors / RGBAColor	Color of the label text.
  labelVertAlign	string	Vertical alignment of the label (top, middle, bottom).
  labelVisible	boolean	Show or hide the label.
  linecolor	BaseColors / RGBAColor	Color of the channel’s border lines.
  linestyle	number	Style of the border line (0 = solid, 1 = dotted, 2 = dashed, etc.).
  linewidth	number	Thickness of the border line.
  midlinecolor	BaseColors / RGBAColor	Color of the optional midline inside the channel.
  midlinestyle	number	Style of the midline.
  midlinewidth	number	Thickness of the midline.
  showMidline	boolean	Show or hide the midline.
  transparency	number (0–100)	Transparency level of the background fill.

• text (optional) A short label for the channel.

Return Value

• string — Unique drawing id.

Example

This script draws a parallel channel every 40 candles. It uses an old low as the base, a recent high to set the slope, and another recent low to define the distance (width) of the channel.

//@version=1
init = () => {
    // Place drawings on the main chart
    indicator({ onMainPanel: true, format: 'inherit' });
};

onTick = () => {
    // Every 40 candles, draw a new channel
    if (index % 40 === 0) {
        const start   = newPoint(time(30), low(30));   // Start point 30 bars ago
        const end     = newPoint(time(10), high(10));  // End point 10 bars ago
        const offset  = newPoint(time(30), high(30));  // Defines channel width
    
        parallelChannel(start, end, offset, {
            linecolor: color.blue,         // Border color
            linewidth: 2,                  // Thick lines
            midlinecolor: color.gray,      // Add a midline
            showMidline: true,
            fillBackground: true,          // Fill background
            backgroundColor: color.rgba(0, 128, 255, 0.1), // Transparent blue fill
            extendRight: false,             // Extend to the right
         },);
    }
};

The result: a purple channel running through recent price action, with a label “Channel.”

Result

Tips

• Tip: Great for spotting ranges or sloping channels in trends.

• Tip: Try using swing highs/lows for the anchors to make the channel more meaningful.

Warning

• Warning: If your third point (parallelDistance) is too close to the base, the channel may look flat or invisible.

• Warning: Adding too many channels can clutter your chart quickly.

Good Practice

• Good Practice: Use consistent colors (e.g., purple for channels) so you can instantly recognize them on your chart.

• Good Practice: Always base your channel on obvious swing highs and lows — this makes it easier to trust the lines.