Lemrin

Fractal Breakout V2

Version 2 of my fractal pattern aid (Version 1).

I added a bouncing line between the high and low trend lines , connecting consecutive extreme points. I also chased down a pesky bug in the slope calculation...and for now I have disabled the ability to change resolution basis for extreme detection (e.g. 30m on a 1hr chart).

For fun, I added some shading to make it more apparent at a glance what is happening, but if you find it gimmicky, there's an option to turn that off.

I am inexperienced with pattern recognition, so please send feedback if you have any ideas that would make this more useful.

Thanks!
Lemrin
Release Notes: Extensions to upper and lower boundary lines now continue through new extreme points, as long as that point is within a configurable ratio of the extended line. This helps identify when important resistance/support or pattern formation lines have been broken. To add visibility to such conditions, I have re-enabled shading by default, based on price breaking outside the extended boundary lines.
Release Notes: Found a bug, where a perfect storm could cause extensions to become limitlessly negative.
Release Notes: I kinda forgot to make the setting to turn off the new dotted extensions actually do anything. Sorry about that, fixed!
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

Not sure if tips are a thing here, but just in case you like my work...
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Thanks!
+1 Reply
So if your bullish in bias then the potential entry point on this would be where the green shading starts? Thanks!
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thanks
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Sensitivity of the boundary extensions doesn't have to be tiny--here it is with a value of 500 (5.00% tolerance):


Again, this is adjustable in the settings of the indicator.
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Nice improvement, good jobs Lemrin =D
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Lemrin ICEKI
@ICEKI, Thank you! Now I wonder how possible it would be to start trying to identify (or suggest possible) patterns, based on where the bouncy line goes.
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