NicoTrade001

Head and Shoulders

Good day Traders,

Here is an indicator that I designed that is my version of the head and shoulders pattern. If you like it add it to your chart and see if it works for you.

The white trend lines are there to indicate to you how it more or less works. The green/red line is when the patter has been formed. I struggle to make it an area. If you know how please let me know or do it yourself.

I do hope this can help people and also help you make the right trades.

Please know that Im not a programmer and do this as a hobby.(The programming part)
Thank you :D
Release Notes: Alert has been added.
Release Notes: Added a few more things. Trying to improve on the indicator. Please share your comments and thought. Thank you.
Release Notes: New and better alert system. Thanks to K2traders that helped showing me the mistake.

Hope you all enjoy.

Please leave comments and like if you want.

Thanks :)
Release Notes: Correct update not the previous one.
Release Notes: Traders,
Here is an example of what you can look for, but please do remember that this is still an indicator. It is not an every time trade option with a guarantee win trade. Technical analysis and everything else that goes with trading still applies. Doesnt matter which custom indicator you use.
Open-source script

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.

Want to use this script on a chart?

Comments

This works on all time frames.
+16 Reply
How do I add alert
+4 Reply
NicoTrade001 tvchitiyo
@tvchitiyo, right click on chart, then click on alert. Make sure that on the first option at the top of the menu you select Head and Shoulders then click on Once per bar close. That is how I do it.
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good evening bro
its very good when we see on chart but backtesting and live market giving signals very very late. can u plz correct these lag
+1 Reply
This looks too good on the history)) (btcusd 15 min). I will watch it alive from now.
+1 Reply
mrgr888n mrgr888n
@mrgr888n, ok, it has lag at least 1 hour.
+3 Reply
NotFrank247 mrgr888n
@mrgr888n, it doesn't lag. In the settings the default is it looks to the left and right by 4 time frames. On a 15m chart, that means that it needs an hour on both sides to confirm the pattern
+3 Reply
pivothigh(leftbars, rightbars) → series

pivothigh(rightbars, leftbars)

hahaha this was making me lose it as I was making a backtest of this... Looks switched xD

BTW, good idea is to seperate the head from the shoulders as the head is often "bigger" - ;)

Also, when looking for big head and shoulder which can be very good ones to look for, can help to have less right lookback on last pivot point to take the trade a bit faster. Backtesting with all points seperate
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Is the white line supposed to appear? or it is just in your drawing for explaining purposes?
Reply
look prommising , just want to clarify is this indicator re-painted or fixed ?
Thks in advance
Reply