The tool can categorize Bat, , , and patterns.
- XA Precision: The and patterns require precise ratios for the XA segment, this setting allows giving some headroom for the detection of these patterns. For example, the requires a ratio for the XA segment of 0.618, using an XA precision of 0. 01 will allow the segment to be considered correct if above 0.608 and under 0.628.
- Bullish: Color of a
- Bearish: Color of a
The X, A, B, C, D settings determine the location of the vertices. The user does not need to change them from the settings, instead only requiring adjusting their location on the chart like with a regular drawing tool. Setting these vertices is required when adding the indicator to your chart.
Upon setting the vertices, the segments, as well as each ratio and PRZ, will be displayed. A dashboard in the top right displays which has been detected.
Detected pattern on BTCUSD15.
pattern on MATICUSD15. It is important not to use an XA precision value that would return overlapping ranges between the / and other patterns. Using the default value is recommended.
The upper limit of the PRZ is determined as vertex D plus 38.2% of segment DX , while the lower limit is the vertex D minus 38.2% of segment DX . Various methods exist for the determination of the PRZ, this one is general but the user can use one proper to the detected .
Finally hovering on the label highlighting the segment ratios return the proper ratio used by each for that precise segment.
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.