Wedge and Flag Finder (Multi - zigzag)

Mar 18, 2022

Here is a small attempt to automatically identify wedges and flags.

Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming wedge can be quite common. In future, will also try to add more pivots in pattern recognition to make the signal more accurate.

If wedge comes with a tail, then it is marked as flag :)
Settings are quite simple and they are as shown below

https://www.tradingview.com/x/AJraEYii/

Mar 19, 2022

Release Notes

Few updates

• You can now select wedge based on 5 or 6 pivots (defined in settings)
  
• Theme based colouring option added in the settings. Now users can chose either dark or light theme (Refers to chart background theme).
  
• Option added in settings to hide zigzag lines and labels within wedge.
  
• Angle based logic are refined as well as the settings. Angle restrictions are by default not selected as they often can be unreliable.
  

Snapshot of the latest settings screen look like this:
https://www.tradingview.com/x/BK6jtwNW/

Apr 2, 2022

Release Notes

• Added alert upon new pattern formation.
  
• Added labels for wedge
  

Dec 26, 2022

Release Notes

Updated libraries. Removed max_bars_back

Dec 26, 2022

Release Notes

reverted max_bars_back change as it lead to error.

Jan 3

Release Notes

Added option to filter only wedge or flag using input options.

Jan 4

Release Notes

Added condition to alert only after bar confirmation. This is done to avoid repaints of alerts.