Unlike the other scanners, it analyzes more than the last five consecutive points. It checks up to 50 last high/low points and tries to find a pattern there. It also labels point D with information on what type of formation it is and if it's a signal to sell or buy.
The default error margin for each formation is 5% (so each point can be up to 5% different than the ideal value defined in the books).
I don't have enough reputation for linking other charts, but check it out with BATS:V (Visa) and BATS:JPM (JPMorgan Chase) to see more formations.
Version 1.1 - first bigger update of the script:
- Added "Alternate Bat", "Deep Crab", "Shark", and "Cypher" formations
- Changed color of the "No formation" labels
- Added option to modify the depth of the ZigZag. Low depth means lots of high/low points, but the script is slower. High depth means fewer high/low points, and the script is faster, but it might miss some points that are close to each other.
- Added option to display the ZigZag formation (detecting formations is based on high/low points from the ZigZag pattern - you can now display the ZigZag to see which points are being checked).
- Added option to hide "No formation" labels
- Configurable error tolerance (as requested by some users) - you can set how many % the detected formation can differ from the "ideal" formation.
- Zigzag and formation lines' width can be adjusted in the configuration
- The script is more stable and no longer crashes after a few new bars (when used with a small interval like seconds or minutes).
I have never seen behavior like you described - that an existing pattern disappears. Could you give me more details on how to reproduce it?