🎯 Derive and scan for last 5 confirmed
🎯 If a pattern is found, highest point of pattern will become the zone and lower point of the pattern will become zone.
🎯 Since it is trend following method, when price reaches zone, then the trend is considered as and when price reaches zone, the trend is considered as .
🎯 If price does not touch both regions, then trend remains unchanged.
🎯 and zone will change as and when new patterns are formed.
Patterns are not created on latest as last will be unconfirmed and moving. Due to this, patterns appear after certain delay - patterns will not be real time. But, this is expected and does not impact the overall process.
When new pattern formed
When price breaks over the zones
🎯 Patterns formed are drawn in blue coloured lines. Due to pine limitation of max 500 lines, older patterns automatically get deleted when new ones come.
🎯 Zone and Zone are plotted in green and red colours and the zone will change whenever new pattern comes along.
🎯 Bar colors are changed according to calculated trend. Trend value can be 1 or -1 based on the current trend. You can also find the value in data window.
🎯 For simplicity purpose, input option for selection of specific patterns are not provided and also pattern names are not displayed on the chart.
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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.