Pivot Points - ph (highest points in a certain period) are stored in an array
When there is a new ph , previous ph's are compared to the latest one. A temporary test line is drawn between these 2 points. The script checks if a close (between these 2 points) doesn't break above this test line. (test line is deleted afterwards)
If it doesn't, and the '% max breaks' are not breached, 2 circle shaped lines are drawn (Top & Bottom line of the cup) which forms the Cup, together with the Handle. The red box (Handle) is the maximum 33-50% retracement (% of cup height)
-> Only the latest pattern is shown, enabling 'Show Cup labels' shows the position of cup patterns in history. They can be visualised by using 'Bar Replay'
'% max breaks' -> 'maximum highs/lows breaking through the Top/Bottom line (% of bars between left & right extreme points of the Cup)
Settings: - 'Left', 'Right' -> regulates Pivot Point values - 'PP back' -> max lookback for Pivot High
More explanation can be found in following print screens, or by checking the tooltips in the settings
Cheers!
Release Notes
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Adjusted '% angle' calculation -> Now the maximum difference between the 2 Top points of the Cup is a % of the total height of the Cup