Galen Woods Price Patterns — Indicator by galenwoods

This indicator marks five price patterns. The underlying concept of each pattern is described below.

#1: Trend Bar Failure <TBF> - failure to follow-through with a short-term thrust

#2: Deceleration - weakening thrust

#3: Anti-Climax - climactic and exhaustive price thrust

#4: Congestion Zone - sideways action <shaded zones> including breakout failures <BOF>

#5: Pressure Zones - repeated buying or selling pressure <triangles>

You can toggle their display under Style.

Inputs

Calculate On Close is selected by default. If you unselect it, it will show tentative patterns that can be helpful for anticipating setups. However, the price patterns and zones are NOT confirmed unless it remains marked after the completion of the bar.

Pressure Zone Overlap Filter (in no. of ticks) affects the thickness of the pressure zones. Higher settings filter out thin pressure zones.

Get This Indicator

This indicator is available for purchase as part of Galen Woods' Day Trading With Price Action Course.

Release Notes:

Updated to Pinescript v4 with improved visuals for Congestion Zones (limited to drawing the last 200 zones). Toggle for marking Congestion Zones now available under Inputs.

Release Notes:

Update comments and author's instructions

Release Notes:

Increase Pressure Zone Overlap Filter max value 999 ticks

Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact galenwoods for more information, or follow the author's instructions below.

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Author's instructions

This indicator is available for purchase as part of Galen Woods' Day Trading With Price Action Course. Learn more at this URL - www.tradingsetupsrev...g-with-price-action/

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Warning: please read before requesting access.