In short, he's using fractals (regular or Bill Williams ) for the pattern calculations. A masterpiece !!!
The screener will show in 1 consolidated chart the ABCD patterns for 5 selected assets. Could be stocks, forex, crypto, whatever you feel like making money with
II - Definitions
The ABCD pattern ( AB=CD ) is one of the classic chart patterns which is repeated over and over again. The ABCD pattern shows perfect harmony between price and time. More info here
The Williams Fractal is an indicator, developed by Bill Williams, that aims to detect reversal points (highs and lows) and marks them with arrows. Up fractals and down fractals have specific shapes. The Williams Fractal indicator helps users determine in which direction price will develop
- square: whenever there is an ABCD pattern detected
Then the colors are:
- green when a bullish pattern is detected - red when a bearish pattern is detected
🔸 The script screenshot shows two red squares matching two ABCD bearish pattern from the above panel. As the chart is showing APPL, I highlighted where the screener mentioned the fruit stock ( APPLE, pun, bad joke, Dave out...) 🔸 I tried to make it as clear as I could with red arrows
Once again, we pushed together the limits of pine script beyond of what we thought was possible, beyond the realm of this world, reaching finally the dreamt pine script heaven (am I going too far? feel free to tell me)
Does this work on Intra Day?
Excuse me if I am wrong. But does the GREEN signify a bullish pattern (BUY) and a RED a bearish pattern (SELL) for intra day as well?
Daveatt
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@tradingty, yes indeed but this is a pattern indicator so it's not too reliable for low timeframes
2/ yes green = bullish and red = sellish
phryll
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Is the security function not leading to repainting?
Daveatt
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@phryll, not repainting if we use the lookahead parameter and calling the previous source value like this "source[1]"
sinash14
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Thanks Dave for sharing your efforts and thoughts.
Does this indicator repaint by default ? If so is it possible to disable this ?
Thanks
Daveatt
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@sinash14, nope it doesn't repaint as based on calculations from previous candles
Repaint is not always bad by the way, it depends on the indicator - for some repainting isn't an issue.
Excuse me if I am wrong. But does the GREEN signify a bullish pattern (BUY) and a RED a bearish pattern (SELL) for intra day as well?