This TOS indicator automatically detects trend channels and draws them on your chart. Trend channels are detected if the slope between two pivot highs is similar to the slope between two pivot lows. You can adjust how similar the slopes must be. The channels are automatically hidden after price breaks out of the channel, and you can turn off this feature so that the channels are extended to the right.
The indicator shows buy arrows when price breaks out above a downtrend channel, and sell arrows when price breaks out below an uptrend channel. A scanner is also included that searches for stocks that are currently at the border of the channel, or stocks that have broken out of the channel.