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Mass Sentiment & Contrarian (Only Signals) ________________________________________ 📘 Contrarian Mass Sentiment Indicator Manual This indicator is designed to identify moments of psychological exhaustion in the market. Its philosophy is "buy panic and sell euphoria." 1. Where and how is the data taken from? The indicator analyzes three real-time data sources to filter the signals: • Psychology (RSI): We use the Relative Strength Index (RSI) to measure the speed and change in price movements. • If the RSI is very high (>70-75), the "mass" is overbuying (greed). • If the RSI is very low (<25-30), the "mass" is overselling (panic). • Price Action (Candlesticks): It is not enough for the RSI to be at an extreme. The indicator looks for reversal patterns (Hammer, Shooting Star, or Engulfing candlesticks). This confirms that the price has indeed found a top or bottom. • Price Action (Candlesticks): It is not enough for the RSI to be at an extreme. The indicator looks for reversal patterns (Hammer, Shooting Star, or Engulfing candlesticks). This confirms that the price has actually found a top or bottom. • Price Action (Candlesticks): • Market Effort (Volume): At "Strong" levels, the indicator requires volume to exceed its 20-period moving average. This identifies a volume climax, which typically marks the end of a move. ________________________________________ 2. User Manual: Signal Interpretation The indicator classifies opportunities according to their probability of success: A. Intensity Levels Label Strength Meaning Suggested Action F-VTA / F-CPA Strong Maximum euphoria/panic + Volume + Reversal candle. High probability signal. Look for immediate entry. M-VTA / M-CPA Medium Standard overload level + Reversal candle. Solid technical confirmation. Trade in favor of the structure. D-VTA / D-CPA Weak The RSI is just beginning to reverse from moderate levels. Early warning. Do not enter without confirmation using other tools. B. Trade Execution (Contrarian) 1. Location: Wait for a label to appear. The best are the Strong (F) or Medium (M) lines. 2. Stop Loss: Always place it a few pips/points above the high of the signal candle (for selling) or below the low (for buying). 3. Take Profit: * Target 1: The mid-RSI level (50). or Target 2: The opposite RSI band (if you sold at 70, aim to close at 30). ________________________________________ 3. Golden Tips • Avoid sideways markets: In very narrow ranges, the RSI can give false signals ("wobbling"). Look for signals that occur after a clear and extended trend. • Timeframes: The indicator is most reliable on 15-minute, 1-hour, and 4-hour timeframes. On the 1-minute timeframe, market "noise" can generate constant weak signals. • Confluence: If you see an F-VTA (Strong Sell) signal right at a historical price resistance, the probability of success increases dramatically.
Pine Script® indicator
by J_e_L
1
Candlestick Reversal SignalsTitle: Candlestick Reversal Signals This Pine Script indicator is designed to identify and plot signals for two key candlestick reversal patterns: Bullish and Bearish Engulfing patterns, as well as Bullish and Bearish Harami patterns. These patterns are widely recognized for their ability to indicate potential trend reversals in the market, providing traders with valuable insights for making informed trading decisions. Features: • Bullish Engulfing Pattern: • Conditions: This pattern is identified when the current candle’s close is higher than the previous candle’s open, and the current candle’s open is lower than the previous candle’s close. Additionally, the current candle’s close must be higher than the previous candle’s close, and the current candle’s open must be lower than the previous candle’s open. • Signal: When a Bullish Engulfing pattern is detected, a green label is plotted below the relevant bar, indicating a potential upward reversal. • Bearish Engulfing Pattern: • Conditions: This pattern is identified when the current candle’s close is lower than the previous candle’s open, and the current candle’s open is higher than the previous candle’s close. Additionally, the current candle’s close must be lower than the previous candle’s close, and the current candle’s open must be higher than the previous candle’s open. • Signal: When a Bearish Engulfing pattern is detected, a red label is plotted above the relevant bar, indicating a potential downward reversal. • Bullish Harami Pattern: • Conditions: This pattern is identified when the previous candle is a bearish candle (open higher than close), and the current candle is a bullish candle (close higher than open) that is contained within the body of the previous bearish candle. • Signal: When a Bullish Harami pattern is detected, a green label is plotted below the relevant bar, indicating a potential upward reversal. • Bearish Harami Pattern: • Conditions: This pattern is identified when the previous candle is a bullish candle (open lower than close), and the current candle is a bearish candle (close lower than open) that is contained within the body of the previous bullish candle. • Signal: When a Bearish Harami pattern is detected, a red label is plotted above the relevant bar, indicating a potential downward reversal. Usage: To use this script, simply add it to your TradingView chart. The script will automatically highlight the Bullish and Bearish Engulfing patterns, as well as Bullish and Bearish Harami patterns, by plotting green and red labels on the chart. These visual signals make it easy to spot potential reversal points, helping traders to identify and capitalize on trading opportunities. Example: • When you see a green “Bullish Engulfing” label below a candlestick, it suggests that the market might reverse upwards, signaling a potential buy opportunity. • Conversely, a red “Bearish Engulfing” label above a candlestick suggests a potential downward reversal, signaling a potential sell opportunity. • A green “Bullish Harami” label below a candlestick also indicates a potential upward reversal. • A red “Bearish Harami” label above a candlestick indicates a potential downward reversal. This indicator is a valuable addition to any trader’s technical analysis toolkit, providing clear and actionable signals based on well-established candlestick patterns. By incorporating these reversal patterns into your analysis, you can enhance your trading strategy and improve your decision-making process.
Pine Script® indicator
by kiwamino
Flags and Pennants [Trendoscope®]🎲 An extension to Chart Patterns based on Trend Line Pairs - Flags and Pennants After exploring Algorithmic Identification and Classification of Chart Patterns and developing Auto Chart Patterns Indicator , we now delve into extensions of these patterns, focusing on Flag and Pennant Chart Patterns. These patterns evolve from basic trend line pair-based structures, often influenced by preceding market impulses. 🎲 Identification rules for the Extension Patterns 🎯 Identify the existence of Base Chart Patterns Before identifying the flag and pennant patterns, we first need to identify the existence of following base trend line pair based converging or parallel patterns. Ascending Channel Descending Channel Rising Wedge (Contracting) Falling Wedge (Contracting) Converging Triangle Descending Triangle (Contracting) Ascending Triangle (Contracting) 🎯 Identifying Extension Patterns. The key to pinpointing these patterns lies in spotting a strong impulsive wave – akin to a flagpole – preceding a base pattern. This setup suggests potential for an extension pattern: A Bullish Flag emerges from a positive impulse followed by a descending channel or a falling wedge A Bearish Flag appears after a negative impulse leading to an ascending channel or a rising wedge. A Bullish Pennant is indicated by a positive thrust preceding a converging triangle or ascending triangle. A Bearish Pennant follows a negative impulse and a converging or descending triangle. 🎲 Pattern Classifications and Characteristics 🎯 Bullish Flag Pattern Characteristics of Bullish Flag Pattern are as follows Starts with a positive impulse wave Immediately followed by either a short descending channel or a falling wedge Here is an example of Bullish Flag Pattern 🎯 Bearish Flag Pattern Characteristics of Bearish Flag Pattern are as follows Starts with a negative impulse wave Immediately followed by either a short ascending channel or a rising wedge Here is an example of Bearish Flag Pattern 🎯 Bullish Pennant Pattern Characteristics of Bullish Pennant Pattern are as follows Starts with a positive impulse wave Immediately followed by either a converging triangle or ascending triangle pattern. Here is an example of Bullish Pennant Pattern 🎯 Bearish Pennant Pattern Characteristics of Bearish Pennant Pattern are as follows Starts with a negative impulse wave Immediately followed by either a converging triangle or a descending converging triangle pattern. Here is an example of Bearish Pennant Pattern 🎲 Trading Extension Patterns In a strong market trend, it's common to see temporary periods of consolidation, forming patterns that either converge or range, often counter to the ongoing trend direction. Such pauses may lay the groundwork for the continuation of the trend post-breakout. The assumption that the trend will resume shapes the underlying bias of Flag and Pennant patterns It's important, however, not to base decisions solely on past trends. Conducting personal back testing is crucial to ascertain the most effective entry and exit strategies for these patterns. Remember, the behavior of these patterns can vary significantly with the volatility of the asset and the specific timeframe being analyzed. Approach the interpretation of these patterns with prudence, considering that market dynamics are subject to a wide array of influencing factors that might deviate from expected outcomes. For investors and traders, it's essential to engage in thorough back testing, establishing entry points, stop-loss orders, and target goals that align with your individual trading style and risk appetite. This step is key to assessing the viability of these patterns in line with your personal trading strategies and goals. It's fairly common to witness a breakout followed by a swift price reversal after these patterns have formed. Additionally, there's room for innovation in trading by going against the bias if the breakout occurs in the opposite direction, specially when the trend before the formation of the pattern is in against the pattern bias. 🎲 Cheat Sheet 🎲 Indicator Settings Custom Source : Enables users to set custom OHLC - this means, the indicator can also be applied on oscillators and other indicators having OHLC values. Zigzag Settings : Allows users to enable different zigzag base and set length and depth for each zigzag. Scanning Settings : Pattern scanning settings set some parameters that define the pattern recognition process. Display Settings : Determine the display of indicators including colors, lines, labels etc. Backtest Settings : Allows users to set a predetermined back test bars so that the indicator will not time out while trying to run for all available bars.
Pine Script® indicator
by Trendoscope
14
eHarmonicpatternsExtendedLibrary "eHarmonicpatternsExtended" Library provides an alternative method to scan harmonic patterns. This is helpful in reducing iterations. Republishing as new library instead of existing eHarmonicpatterns because I need that copy for existing scripts. scan_xab(bcdRatio, err_min, err_max, patternArray) Checks if bcd ratio is in range of any harmonic pattern   Parameters:      bcdRatio : AB/XA ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. scan_abc_axc(abcRatio, axcRatio, err_min, err_max, patternArray) Checks if abc or axc ratio is in range of any harmonic pattern   Parameters:      abcRatio : BC/AB ratio      axcRatio : XC/AX ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. scan_bcd(bcdRatio, err_min, err_max, patternArray) Checks if bcd ratio is in range of any harmonic pattern   Parameters:      bcdRatio : CD/BC ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. scan_xad_xcd(xadRatio, xcdRatio, err_min, err_max, patternArray) Checks if xad or xcd ratio is in range of any harmonic pattern   Parameters:      xadRatio : AD/XA ratio      xcdRatio : CD/XC ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. isHarmonicPattern(x, a, b, c, d, flags, errorPercent) Checks for harmonic patterns   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      d : D coordinate value      flags : flags to check patterns. Send empty array to enable all      errorPercent : Error threshold   Returns: Array of boolean values which says whether valid pattern exist and array of corresponding pattern names isHarmonicProjection(x, a, b, c, flags, errorPercent) Checks for harmonic pattern projection   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      flags : flags to check patterns. Send empty array to enable all      errorPercent : Error threshold   Returns: Array of boolean values which says whether valid pattern exist and array of corresponding pattern names. get_prz_range(x, a, b, c, patternArray, errorPercent, start_adj, end_adj) Provides PRZ range based on BCD and XAD ranges   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      patternArray : Pattern flags for which PRZ range needs to be calculated      errorPercent : Error threshold      start_adj : - Adjustments for entry levels      end_adj : - Adjustments for stop levels   Returns: Start and end of consolidated PRZ range get_prz_range_xad(x, a, b, c, patternArray, errorPercent, start_adj, end_adj) Provides PRZ range based on XAD range only   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      patternArray : Pattern flags for which PRZ range needs to be calculated      errorPercent : Error threshold      start_adj : - Adjustments for entry levels      end_adj : - Adjustments for stop levels   Returns: Start and end of consolidated PRZ range
Pine Script® library
by Trendoscope
14
Inside SwingsOverview The Inside Swings indicator identifies and visualizes "inside swing" patterns in price action. These patterns occur when price creates a series of pivots that form overlapping ranges, indicating potential consolidation or reversal zones. What are Inside Swings? Inside swings are specific pivot patterns where: - HLHL Pattern: High-Low-High-Low sequence where the first high is higher than the second high, and the first low is lower than the second low - LHLH Pattern: Low-High-Low-High sequence where the first low is lower than the second low, and the first high is higher than the second high Here an Example These patterns create overlapping price ranges that often act as: - Support/Resistance zones - Consolidation areas - Potential reversal points - Breakout levels Levels From the Created Range Input Parameters Core Settings - Pivot Lookback Length (default: 5): Number of bars on each side to confirm a pivot high/low - Max Boxes (default: 100): Maximum number of patterns to display on chart Extension Settings - Extend Lines: Enable/disable line extensions - this extends the Extremes of the Swings to where a new Swing Started or Extended Right for the Latest Inside Swings - Show High 1 Line: Display first high/low extension line - Show High 2 Line: Display second high/low extension line - Show Low 1 Line: Display first low/high extension line - Show Low 2 Line: Display second low/high extension line Visual Customization Box Colors - HLHL Box Color: Color for HLHL pattern boxes (default: green) - HLHL Border Color: Border color for HLHL boxes - LHLH Box Color: Color for LHLH pattern boxes (default: red) - LHLH Border Color: Border color for LHLH boxes Line Colors - HLHL Line Color: Extension line color for HLHL patterns - LHLH Line Color: Extension line color for LHLH patterns - Line Width: Thickness of extension lines (1-5) Pattern Detection Logic HLHL Pattern (Bullish Inside Swing) Condition: High1 > High2 AND Low1 < Low2 Sequence: High → Low → High → Low Visual: Two overlapping boxes with first range encompassing second Detection Criteria: 1. Last 4 pivots form High-Low-High-Low sequence 2. Fourth pivot (first high) > Second pivot (second high) 3. Third pivot (first low) < Last pivot (second low) LHLH Pattern (Bearish Inside Swing) Condition: Low1 < Low2 AND High1 > High2 Sequence: Low → High → Low → High Visual: Two overlapping boxes with first range encompassing second Detection Criteria: 1. Last 4 pivots form Low-High-Low-High sequence 2. Fourth pivot (first low) < Second pivot (second low) 3. Third pivot (first high) > Last pivot (second high) Visual Elements Boxes - Box 1: Spans from first pivot to last pivot (larger range) - Box 2: Spans from third pivot to last pivot (smaller range) - Overlap: The intersection of both boxes represents the inside swing zone Extension Lines - High 1 Line: Horizontal line at first high/low level - High 2 Line: Horizontal line at second high/low level - Low 1 Line: Horizontal line at first low/high level - Low 2 Line: Horizontal line at second low/high level Line Extension Behavior - Historical Patterns: Lines extend until the next pattern starts - Latest Pattern: Lines extend to the right edge of chart - Dynamic Updates: All lines are redrawn on each bar for accuracy Trading Applications Support/Resistance Levels Inside swing levels often act as: - Dynamic support/resistance - Breakout confirmation levels - Reversal entry points Pattern Interpretation - HLHL Patterns: Potential bullish continuation or reversal - LHLH Patterns: Potential bearish continuation or reversal - Overlap Zone: Key area for price interaction Entry Strategies 1. Breakout Strategy: Enter on break above/below inside swing levels 2. Reversal Strategy: Enter on bounce from inside swing levels 3. Range Trading: Trade between inside swing levels Technical Implementation Data Structures type InsideSwing int startBar // First pivot bar int endBar // Last pivot bar string patternType // "HLHL" or "LHLH" float high1 // First high/low float low1 // First low/high float high2 // Second high/low float low2 // Second low/high box box1 // First box box box2 // Second box line high1Line // High 1 extension line line high2Line // High 2 extension line line low1Line // Low 1 extension line line low2Line // Low 2 extension line bool isLatest // Latest pattern flag Memory Management - Pattern Storage: Array-based storage with automatic cleanup - Pivot Tracking: Maintains last 4 pivots for pattern detection - Resource Cleanup: Automatically removes oldest patterns when limit exceeded Performance Optimization - Duplicate Prevention: Checks for existing patterns before creation - Efficient Redraw: Only redraws lines when necessary - Memory Limits: Configurable maximum pattern count Usage Tips Best Practices 1. Combine with Volume: Use volume confirmation for breakouts 2. Multiple Timeframes: Check higher timeframes for context 3. Risk Management: Set stops beyond inside swing levels 4. Pattern Validation: Wait for confirmation before entering Common Scenarios - Consolidation Breakouts: Inside swings often precede significant moves - Reversal Zones: Failed breakouts at inside swing levels - Trend Continuation: Inside swings in trending markets Limitations - Lagging Indicator: Patterns form after completion - False Signals: Not all inside swings lead to significant moves - Market Dependent: Effectiveness varies by market conditions Customization Options Visual Adjustments - Modify colors for different market conditions - Adjust line widths for visibility - Enable/disable specific elements Detection Sensitivity - Increase pivot length for smoother patterns - Decrease for more sensitive detection - Balance between noise and signal Display Management - Control maximum pattern count - Adjust cleanup frequency - Manage memory usage Conclusion The Inside Swings indicator provides a systematic approach to identifying consolidation and potential reversal zones in price action. By visualizing overlapping pivot ranges The indicator's strength lies in its ability to: - Identify key price levels automatically - Provide visual context for market structure - Offer flexible customization options - Maintain performance through efficient memory management
Pine Script® indicator
by mindyourbuisness
4
N Bar Reversal Detector [LuxAlgo]The N Bar Reversal Detector is designed to detect and highlight N-bar reversal patterns in user charts, where N represents the length of the candle sequence used to detect the patterns. The script incorporates various trend indicators to filter out detected signals and offers a range of customizable settings to fit different trading strategies. 🔶 USAGE The N-bar reversal pattern extends the popular 3-bar reversal pattern. While the 3-bar reversal pattern involves identifying a sequence of three bars signaling a potential trend reversal, the N-bar reversal pattern builds on this concept by incorporating additional bars based on user settings. This provides a more comprehensive indication of potential trend reversals. The script automates the identification of these patterns and generates clear, visually distinct signals to highlight potential trend changes. When a reversal chart pattern is confirmed and aligns with the price action, the pattern's boundaries are extended to create levels. The upper boundary serves as resistance, while the lower boundary acts as support. The script allows users to filter patterns based on the trend direction identified by various trend indicators. Users can choose to view patterns that align with the detected trend or those that are contrary to it. 🔶 DETAILS 🔹 The N-bar Reversal Pattern The N-bar reversal pattern is a technical analysis tool designed to signal potential trend reversals in the market. It consists of N consecutive bars, with the first N-1 bars used to identify the prevailing trend and the Nth bar confirming the reversal. Here’s a detailed look at the pattern: Bullish Reversal : In a bullish reversal setup, the first bar is the highest among the first N-1 bars, indicating a prevailing downtrend. Most of the remaining bars in this sequence should be bearish (closing lower than where they opened), reinforcing the existing downward momentum. The Nth (most recent) bar confirms a bullish reversal if its high price is higher than the high of the first bar in the sequence (standard pattern). For a stronger signal, the closing price of the Nth bar should also be higher than the high of the first bar. Bearish Reversal : In a bearish reversal setup, the first bar is the lowest among the first N-1 bars, indicating a prevailing uptrend. Most of the remaining bars in this sequence should be bullish (closing higher than where they opened), reinforcing the existing upward momentum. The Nth bar confirms a bearish reversal if its low price is lower than the low of the first bar in the sequence (standard pattern). For a stronger signal, the closing price of the Nth bar should also be lower than the low of the first bar. 🔹 Min Percentage of Required Candles This parameter specifies the minimum percentage of candles that must be bullish (for a bearish reversal) or bearish (for a bullish reversal) among the first N-1 candles in a pattern. For higher values of N, it becomes more challenging for all of the first N-1 candles to be consistently bullish or bearish. By setting a percentage value, P, users can adjust the requirement so that only a minimum of P percent of the first N-1 candles need to meet the bullish or bearish condition. This allows for greater flexibility in pattern recognition, accommodating variations in market conditions. 🔶 SETTINGS Pattern Type: Users can choose the type of the N-bar reversal patterns to detect: Normal, Enhanced, or All. "Normal" detects patterns that do not necessarily surpass the high/low of the first bar. "Enhanced" detects patterns where the last bar surpasses the high/low of the first bar. "All" detects both Normal and Enhanced patterns. Reversal Pattern Sequence Length: Specifies the number of candles (N) in the sequence used to identify a reversal pattern. Min Percentage of Required Candles: Sets the minimum percentage of the first N-1 candles that must be bullish (for a bearish reversal) or bearish (for a bullish reversal) to qualify as a valid reversal pattern. Derived Support and Resistance: Toggles the visibility of the support and resistance levels/zones. 🔹 Trend Filtering Filtering: Allows users to filter patterns based on the trend indicators: Moving Average Cloud, Supertrend, and Donchian Channels. The "Aligned" option only detects patterns that align with the trend and conversely, the "Opposite" option detects patterns that go against the trend. 🔹 Trend Indicator Settings Moving Average Cloud: Allows traders to choose the type of moving averages (SMA, EMA, HMA, etc.) and set the lengths for fast and slow moving averages. Supertrend: Options to set the ATR length and factor for Supertrend. Donchian Channels: Option to set the length for the channel calculation. 🔶 RELATED SCRIPTS Reversal-Candlestick-Structure. Reversal-Signals.
Pine Script® indicator
by LuxAlgo
10
EngulfScanEngulf Scan Introduction: The Engulf Scan indicator helps users identify bullish and bearish engulfing candlestick patterns on their charts. These patterns are often used as signals for trend reversals and are important indicators for traders. Engulf Scan signals are generated when an engulfing pattern is swallowed by another candlestick of the opposite color.The signal of a candle engulfment formation is generated when the 1st candle is engulfed by the 2nd candle and the 2nd candle is engulfed by the 3rd candle. Features: Bullish Engulfing Pattern: Indicates the start of an upward trend and typically signals that the market is likely to move higher. Bearish Engulfing Pattern: Indicates the start of a downward trend and typically signals that the market is likely to move lower. Color Coding: Users can customize the background colors for bullish and bearish engulfing patterns. Usage Guide: Adding the Indicator: Add the "Engulf Scan" indicator to your TradingView chart. Color Settings: Choose your preferred colors for bullish and bearish engulfing patterns from the indicator settings. Pattern Detection: View the engulfing patterns on the chart with the specified colors and symbols. These patterns help identify potential trend reversal points. Parameters and Settings: Bullish Engulfing Color: Background color for the bullish engulfing pattern.( Green) Bearish Engulfing Color: Background color for the bearish engulfing pattern. (Red) Examples: Bullish Engulfing Example: On the chart below, you can see bullish engulfing patterns highlighted with a green background. (Green) Bearish Engulfing Example: On the chart below, you can see bearish engulfing patterns highlighted with a red background. (Red) Frequently Asked Questions (FAQ): How are engulfing patterns detected? Engulfing patterns are formed when a candlestick completely engulfs the previous candlestick. For a bullish engulfing pattern, a bullish candlestick follows a bearish one. For a bearish engulfing pattern, a bearish candlestick follows a bullish one. Which timeframes work best with this indicator? Engulfing patterns are generally more reliable on daily and higher timeframes, but you can test the indicator on different timeframes to see if it fits your trading strategy. Can I detect a reversal or trend? As can be seen in the image, it sometimes appears as a return signal and sometimes as a harbinger of an ongoing trend.But it may be a mistake to use the indicator only for these purposes. However, this indicator may not be sufficient when used alone. It can be combined with different indicators from the Tradingview library. Updates and Changelog: v1.0: Initial release. Added detection and color coding for bullish and bearish engulfing patterns. -Please feel free to write your valuable comments and opinions. I attach importance to your valuable opinions so that I can improve myself.
Pine Script® indicator
by trader-mert
Elliott Wave with Supertrend Exit - Strategy [presentTrading]## Introduction and How it is Different The Elliott Wave with Supertrend Exit provides automated detection and validation of Elliott Wave patterns for algorithmic trading. It is designed to objectively identify high-probability wave formations and signal entries based on confirmed impulsive and corrective patterns. * The Elliott part is mostly referenced from Elliott Wave by @LuxAlgo Key advantages compared to discretionary Elliott Wave analysis: - Wave Labeling and Counting: The strategy programmatically identifies swing pivot highs/lows with the Zigzag indicator and analyzes the waves between them. It labels the potential impulsive and corrective patterns as they form. This removes the subjectivity of manual wave counting. - Pattern Validation: A rules-based engine confirms valid impulsive and corrective patterns by checking relative size relationships and fib ratios. Only confirmed wave counts are plotted and traded. - Objective Entry Signals: Trades are entered systematically on the start of new impulsive waves in the direction of the trend. Pattern failures invalidate setups and stop out positions. - Automated Trade Management: The strategy defines specific rules for profit targets at fib extensions, trailing stops at swing points, and exits on Supertrend reversals. This automates the entire trade lifecycle. - Adaptability: The waveform recognition engine can be tuned by adjusting parameters like Zigzag depth and Supertrend settings. It adapts to evolving market conditions. ETH 1hr chart In summary, the strategy brings automation, objectivity and adaptability to Elliott Wave trading - removing subjective interpretation errors and emotional trading biases. It implements a rules-based, algorithmic approach for systematically trading Elliott Wave patterns across markets and timeframes. ## Trading Logic and Rules The strategy follows specific trading rules based on the detected and validated Elliott Wave patterns. Entry Rules - Long entry when a new impulsive bullish (5-wave) pattern forms - Short entry when a new impulsive bearish (5-wave) pattern forms The key is entering on the start of a new potential trend wave rather than chasing. Exit Rules - Invalidation of wave pattern stops out the trade - Close long trades on Supertrend downturn - Close short trades on Supertrend upturn - Use a stop loss of 10% of entry price (configurable) Trade Management - Scale out partial profits at Fibonacci levels - Move stop to breakeven when price reaches 1.618 extension - Trail stops below key swing points - Target exits at next Fibonacci projection level Risk Management - Use stop losses on all trades - Trade only highest probability setups - Size positions according to chart timeframe - Avoid overtrading when no clear patterns emerge ## Strategy - How it Works The core logic follows these steps: 1. Find swing highs/lows with Zigzag indicator 2. Analyze pivot points to detect impulsive 5-wave patterns: - Waves 1, 3, and 5 should not overlap - Waves 3 and 5 must be longer than wave 1 - Confirm relative size relationships between waves 3. Validate corrective 3-wave patterns: - Look for overlapping, choppy waves that retrace the prior impulsive wave 4. Plot validated waves and Fibonacci retracement levels 5. Signal entries when a new impulsive wave pattern forms 6. Manage exits based on pattern failures and Supertrend reversals Impulsive Wave Validation The strategy checks relative size relationships to confirm valid impulsive waves. For uptrends, it ensures: ``` Copy code- Wave 3 is longer than wave 1 - Wave 5 is longer than wave 2 - Waves do not overlap ``` Corrective Wave Validation The strategy identifies overlapping corrective patterns that retrace the prior impulsive wave within Fibonacci levels. Pattern Failure Invalidation If waves fail validation tests, the strategy invalidates the pattern and stops signaling trades. ## Trade Direction The strategy detects impulsive and corrective patterns in both uptrends and downtrends. Entries are signaled in the direction of the validated wave pattern. ## Usage - Use on charts showing clear Elliott Wave patterns - Start with daily or weekly timeframes to gauge overall trend - Optimize Zigzag and Supertrend settings as needed - Consider combining with other indicators for confirmation ## Default Settings - Zigzag Length: 4 bars - Supertrend Length: 10 bars - Supertrend Multiplier: 3 - Stop Loss: 10% of entry price - Trading Direction: Both
Pine Script® strategy
by PresentTrading
9
eHarmonicpatternsLogScaleLibrary "eHarmonicpatternsLogScale" Library provides functions to scan harmonic patterns both or normal and log scale getSupportedPatterns() get_prz_range(x, a, b, c, patternArray, errorPercent, start_adj, end_adj, logScale)   Provides PRZ range based on BCD and XAD ranges   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      patternArray : Pattern flags for which PRZ range needs to be calculated      errorPercent : Error threshold      start_adj : - Adjustments for entry levels      end_adj : - Adjustments for stop levels      logScale : - calculate on log scale. Default is false   Returns: Start and end of consolidated PRZ range get_prz_range_xad(x, a, b, c, patternArray, errorPercent, start_adj, end_adj, logScale)   Provides PRZ range based on XAD range only   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      patternArray : Pattern flags for which PRZ range needs to be calculated      errorPercent : Error threshold      start_adj : - Adjustments for entry levels      end_adj : - Adjustments for stop levels      logScale : - calculate on log scale. Default is false   Returns: Start and end of consolidated PRZ range get_projection_range(x, a, b, c, patternArray, errorPercent, start_adj, end_adj, logScale)   Provides Projection range based on BCD and XAD ranges   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      patternArray : Pattern flags for which PRZ range needs to be calculated      errorPercent : Error threshold      start_adj : - Adjustments for entry levels      end_adj : - Adjustments for stop levels      logScale : - calculate on log scale. Default is false   Returns: Array containing start and end ranges isHarmonicPattern(x, a, b, c, d, flags, defaultEnabled, errorPercent, logScale)   Checks for harmonic patterns   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      d : D coordinate value      flags : flags to check patterns. Send empty array to enable all      defaultEnabled      errorPercent : Error threshold      logScale : - calculate on log scale. Default is false   Returns: Array of boolean values which says whether valid pattern exist and array of corresponding pattern names isHarmonicProjection(x, a, b, c, flags, defaultEnabled, errorPercent, logScale)   Checks for harmonic pattern projection   Parameters:      x : X coordinate value      a : A coordinate value      b : B coordinate value      c : C coordinate value      flags : flags to check patterns. Send empty array to enable all      defaultEnabled      errorPercent : Error threshold      logScale : - calculate on log scale. Default is false   Returns: Array of boolean values which says whether valid pattern exist and array of corresponding pattern names.
Pine Script® library
by Trendoscope
1
eHarmonicpatternsLibrary "eHarmonicpatterns" Library provides an alternative method to scan harmonic patterns. This is helpful in reducing iterations scan_xab(bcdRatio, err_min, err_max, patternArray) Checks if bcd ratio is in range of any harmonic pattern   Parameters:      bcdRatio : AB/XA ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. scan_abc_axc(abcRatio, axcRatio, err_min, err_max, patternArray) Checks if abc or axc ratio is in range of any harmonic pattern   Parameters:      abcRatio : BC/AB ratio      axcRatio : XC/AX ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. scan_bcd(bcdRatio, err_min, err_max, patternArray) Checks if bcd ratio is in range of any harmonic pattern   Parameters:      bcdRatio : CD/BC ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. scan_xad_xcd(xadRatio, xcdRatio, err_min, err_max, patternArray) Checks if xad or xcd ratio is in range of any harmonic pattern   Parameters:      xadRatio : AD/XA ratio      xcdRatio : CD/XC ratio      err_min : minimum error threshold      err_max : maximum error threshold      patternArray : Array containing pattern check flags. Checks are made only if flags are true. Upon check flgs are overwritten. isHarmonicPattern(x, a, c, c, d, flags, errorPercent) Checks for harmonic patterns   Parameters:      x : X coordinate value      a : A coordinate value      c : B coordinate value      c : C coordinate value      d : D coordinate value      flags : flags to check patterns. Send empty array to enable all      errorPercent : Error threshold   Returns: Array of boolean values which says whether valid pattern exist and array of corresponding pattern names isHarmonicProjection(x, a, c, c, flags, errorPercent) Checks for harmonic pattern projection   Parameters:      x : X coordinate value      a : A coordinate value      c : B coordinate value      c : C coordinate value      flags : flags to check patterns. Send empty array to enable all      errorPercent : Error threshold   Returns: Array of boolean values which says whether valid pattern exist and array of corresponding pattern names
Pine Script® library
by Trendoscope
11
Reverse Cutlers Relative Strength Index On ChartIntroduction The Reverse Cutlers Relative Strength Index (RCRSI) OC is an indicator which tells the user what price is required to give a particular Cutlers Relative Strength Index ( RSI ) value, or cross its Moving Average (MA) signal line. Overview Background & Credits: The relative strength index ( RSI ) is a momentum indicator used in technical analysis that was originally developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, “New Concepts in Technical Trading Systems.”. Cutler created a variation of the RSI known as “Cutlers RSI” using a different formulation to avoid an inherent accuracy problem which arises when using Wilders method of smoothing. Further developments in the use, and more nuanced interpretations of the RSI have been developed by Cardwell, and also by well-known chartered market technician, Constance Brown C.M.T., in her acclaimed book "Technical Analysis for the Trading Professional” 1999 where she described the idea of bull and bear market ranges for RSI , and while she did not actually reveal the formulas, she introduced the concept of “reverse engineering” the RSI to give price level outputs. Renowned financial software developer, co-author of academic books on finance, and scientific fellow to the Department of Finance and Insurance at the Technological Educational Institute of Crete, Giorgos Siligardos PHD . brought a new perspective to Wilder’s RSI when he published his excellent and well-received articles "Reverse Engineering RSI " and "Reverse Engineering RSI II " in the June 2003, and August 2003 issues of Stocks & Commodities magazine, where he described his methods of reverse engineering Wilders RSI . Several excellent Implementations of the Reverse Wilders Relative Strength Index have been published here on Tradingview and elsewhere. My utmost respect, and all due credits to authors of related prior works. Introduction It is worth noting that while the general RSI formula, and the logic dictating the UpMove and DownMove data series has remained the same as the Wilders original formulation, it has been interpreted in a different way by using a different method of averaging the upward, and downward moves. Cutler recognized the issue of data length dependency when using wilders smoothing method of calculating RSI which means that wilders standard RSI will have a potential initialization error which reduces with every new data point calculated meaning early results should be regarded as unreliable until enough calculation iterations have occurred for convergence. Hence Cutler proposed using Simple Moving Averaging for gain and loss data which this Indicator is based on. Having "Reverse engineered" prices for any oscillator makes the planning, and execution of strategies around that oscillator far simpler, more timely and effective. Introducing the Reverse Cutlers RSI which consists of plotted lines on a scale of 0 to 100, and an optional infobox. The RSI scale is divided into zones: • Scale high (100) • Bull critical zone (80 - 100) • Bull control zone (62 - 80) • Scale midline (50) • Bear control zone (20 - 38) • Bear critical zone (0 - 20) • Scale low (0) The RSI plots which graphically display output closing price levels where Cutlers RSI value will crossover: • RSI (eq) (previous RSI value) • RSI MA signal line • RSI Test price • Alert level high • Alert level low The info box displays output closing price levels where Cutlers RSI value will crossover: • Its previous value. ( RSI ) • Bull critical zone. • Bull control zone. • Mid-Line. • Bear control zone. • Bear critical zone. • RSI MA signal line • Alert level High • Alert level low And also displays the resultant RSI for a user defined closing price: • Test price RSI The infobox outputs can be shown for the current bar close, or the next bar close. The user can easily select which information they want in the infobox from the setttings Importantly: All info box price levels for the current bar are calculated immediately upon the current bar closing and a new bar opening, they will not change until the current bar closes. All info box price levels for the next bar are projections which are continually recalculated as the current price changes, and therefore fluctuate as the current price changes. Understanding the Relative Strength Index At its simplest the RSI is a measure of how quickly traders are bidding the price of an asset up or down. It does this by calculating the difference in magnitude of price gains and losses over a specific lookback period to evaluate market conditions. The RSI is displayed as an oscillator (a line graph that can move between two extremes) and outputs a value limited between 0 and 100. It is typically accompanied by a moving average signal line. Traditional interpretations Overbought and oversold: An RSI value of 70 or above indicates that an asset is becoming overbought (overvalued condition), and may be may be ready for a trend reversal or corrective pullback in price. An RSI value of 30 or below indicates that an asset is becoming oversold (undervalued condition), and may be may be primed for a trend reversal or corrective pullback in price. Midline Crossovers: When the RSI crosses above its midline ( RSI > 50%) a bullish bias signal is generated. (only take long trades) When the RSI crosses below its midline ( RSI < 50%) a bearish bias signal is generated. (only take short trades) Bullish and bearish moving average signal Line crossovers: When the RSI line crosses above its signal line, a bullish buy signal is generated When the RSI line crosses below its signal line, a bearish sell signal is generated. Swing Failures and classic rejection patterns: If the RSI makes a lower high, and then follows with a downside move below the previous low, a Top Swing Failure has occurred. If the RSI makes a higher low, and then follows with an upside move above the previous high, a Bottom Swing Failure has occurred. Examples of classic swing rejection patterns Bullish swing rejection pattern: The RSI moves into oversold zone (below 30%). The RSI rejects back out of the oversold zone (above 30%) The RSI forms another dip without crossing back into oversold zone. The RSI then continues the bounce to break up above the previous high. Bearish swing rejection pattern: The RSI moves into overbought zone (above 70%). The RSI rejects back out of the overbought zone (below 70%) The RSI forms another peak without crossing back into overbought zone. The RSI then continues to break down below the previous low. Divergences: A regular bullish RSI divergence is when the price makes lower lows in a downtrend and the RSI indicator makes higher lows. A regular bearish RSI divergence is when the price makes higher highs in an uptrend and the RSI indicator makes lower highs. A hidden bullish RSI divergence is when the price makes higher lows in an uptrend and the RSI indicator makes lower lows. A hidden bearish RSI divergence is when the price makes lower highs in a downtrend and the RSI indicator makes higher highs. Regular divergences can signal a reversal of the trending direction. Hidden divergences can signal a continuation in the direction of the trend. Chart Patterns: RSI regularly forms classic chart patterns that may not show on the underlying price chart, such as ascending and descending triangles & wedges , double tops, bottoms and trend lines etc. Support and Resistance: It is very often easier to define support or resistance levels on the RSI itself rather than the price chart. Modern interpretations in trending markets: Modern interpretations of the RSI stress the context of the greater trend when using RSI signals such as crossovers, overbought/oversold conditions, divergences and patterns. Constance Brown, CMT , was one of the first who promoted the idea that an oversold reading on the RSI in an uptrend is likely much higher than 30%, and that an overbought reading on the RSI during a downtrend is much lower than the 70% level. In an uptrend or bull market, the RSI tends to remain in the 40 to 90 range, with the 40-50 zone acting as support. During a downtrend or bear market, the RSI tends to stay between the 10 to 60 range, with the 50-60 zone acting as resistance. For ease of executing more modern and nuanced interpretations of RSI it is very useful to break the RSI scale into bull and bear control and critical zones. These ranges will vary depending on the RSI settings and the strength of the specific market’s underlying trend. Limitations of the RSI Like most technical indicators, its signals are most reliable when they conform to the long-term trend. True trend reversal signals are rare, and can be difficult to separate from false signals. False signals or “fake-outs”, e.g. a bullish crossover, followed by a sudden decline in price, are common. Since the indicator displays momentum, it can stay overbought or oversold for a long time when an asset has significant sustained momentum in either direction. Data Length Dependency when using wilders smoothing method of calculating RSI means that wilders standard RSI will have a potential initialization error which reduces with every new data point calculated meaning early results should be regarded as unreliable until calculation iterations have occurred for convergence.
Pine Script® indicator
by The_Caretaker
8
Reverse Cutlers Relative Strength IndexIntroduction The Reverse Cutlers Relative Strength Index (RCRSI) is an indicator which tells the user what price is required to give a particular Cutlers Relative Strength Index (RSI) value, or cross its Moving Average (MA) signal line. Overview Background & Credits: The relative strength index (RSI) is a momentum indicator used in technical analysis that was originally developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, “New Concepts in Technical Trading Systems.”. Cutler created a variation of the RSI known as “Cutlers RSI” using a different formulation to avoid an inherent accuracy problem which arises when using Wilders method of smoothing. Further developments in the use, and more nuanced interpretations of the RSI have been developed by Cardwell, and also by well-known chartered market technician, Constance Brown C.M.T., in her acclaimed book "Technical Analysis for the Trading Professional” 1999 where she described the idea of bull and bear market ranges for RSI, and while she did not actually reveal the formulas, she introduced the concept of “reverse engineering” the RSI to give price level outputs. Renowned financial software developer, co-author of academic books on finance, and scientific fellow to the Department of Finance and Insurance at the Technological Educational Institute of Crete, Giorgos Siligardos PHD. brought a new perspective to Wilder’s RSI when he published his excellent and well-received articles "Reverse Engineering RSI " and "Reverse Engineering RSI II " in the June 2003, and August 2003 issues of Stocks & Commodities magazine, where he described his methods of reverse engineering Wilders RSI. Several excellent Implementations of the Reverse Wilders Relative Strength Index have been published here on Tradingview and elsewhere. My utmost respect, and all due credits to authors of related prior works. Introduction It is worth noting that while the general RSI formula, and the logic dictating the UpMove and DownMove data series as described above has remained the same as the Wilders original formulation, it has been interpreted in a different way by using a different method of averaging the upward, and downward moves. Cutler recognized the issue of data length dependency when using wilders smoothing method of calculating RSI which means that wilders standard RSI will have a potential initialization error which reduces with every new data point calculated meaning early results should be regarded as unreliable until enough calculation iterations have occurred for convergence. Hence Cutler proposed using Simple Moving Averaging for gain and loss data which this Indicator is based on. Having "Reverse engineered" prices for any oscillator makes the planning, and execution of strategies around that oscillator far simpler, more timely and effective. Introducing the Reverse Cutlers RSI which consists of plotted lines on a scale of 0 to 100, and an optional infobox. The RSI scale is divided into zones: • Scale high (100) • Bull critical zone (80 - 100) • Bull control zone (62 - 80) • Scale midline (50) • Bear critical zone (20 - 38) • Bear control zone (0 - 20) • Scale low (0) The RSI plots are: • Cutlers RSI • RSI MA signal line • Test price RSI • Alert level high • Alert level low The info box displays output closing price levels where Cutlers RSI value will crossover: • Its previous value. (RSI ) • Bull critical zone. • Bull control zone. • Mid-Line. • Bear control zone. • Bear critical zone. • RSI MA signal line • Alert level High • Alert level low And also displays the resultant RSI for a user defined closing price: • Test price RSI The infobox outputs can be shown for the current bar close, or the next bar close. The user can easily select which information they want in the infobox from the setttings Importantly: All info box price levels for the current bar are calculated immediately upon the current bar closing and a new bar opening, they will not change until the current bar closes. All info box price levels for the next bar are projections which are continually recalculated as the current price changes, and therefore fluctuate as the current price changes. Understanding the Relative Strength Index At its simplest the RSI is a measure of how quickly traders are bidding the price of an asset up or down. It does this by calculating the difference in magnitude of price gains and losses over a specific lookback period to evaluate market conditions. The RSI is displayed as an oscillator (a line graph that can move between two extremes) and outputs a value limited between 0 and 100. It is typically accompanied by a moving average signal line. Traditional interpretations Overbought and oversold: An RSI value of 70 or above indicates that an asset is becoming overbought (overvalued condition), and may be may be ready for a trend reversal or corrective pullback in price. An RSI value of 30 or below indicates that an asset is becoming oversold (undervalued condition), and may be may be primed for a trend reversal or corrective pullback in price. Midline Crossovers: When the RSI crosses above its midline (RSI > 50%) a bullish bias signal is generated. (only take long trades) When the RSI crosses below its midline (RSI < 50%) a bearish bias signal is generated. (only take short trades) Bullish and bearish moving average signal Line crossovers: When the RSI line crosses above its signal line, a bullish buy signal is generated When the RSI line crosses below its signal line, a bearish sell signal is generated. Swing Failures and classic rejection patterns: If the RSI makes a lower high, and then follows with a downside move below the previous low, a Top Swing Failure has occurred. If the RSI makes a higher low, and then follows with an upside move above the previous high, a Bottom Swing Failure has occurred. Examples of classic swing rejection patterns Bullish swing rejection pattern: The RSI moves into oversold zone (below 30%). The RSI rejects back out of the oversold zone (above 30%) The RSI forms another dip without crossing back into oversold zone. The RSI then continues the bounce to break up above the previous high. Bearish swing rejection pattern: The RSI moves into overbought zone (above 70%). The RSI rejects back out of the overbought zone (below 70%) The RSI forms another peak without crossing back into overbought zone. The RSI then continues to break down below the previous low. Divergences: A regular bullish RSI divergence is when the price makes lower lows in a downtrend and the RSI indicator makes higher lows. A regular bearish RSI divergence is when the price makes higher highs in an uptrend and the RSI indicator makes lower highs. A hidden bullish RSI divergence is when the price makes higher lows in an uptrend and the RSI indicator makes lower lows. A hidden bearish RSI divergence is when the price makes lower highs in a downtrend and the RSI indicator makes higher highs. Regular divergences can signal a reversal of the trending direction. Hidden divergences can signal a continuation in the direction of the trend. Chart Patterns: RSI regularly forms classic chart patterns that may not show on the underlying price chart, such as ascending and descending triangles & wedges, double tops, bottoms and trend lines etc. Support and Resistance: It is very often easier to define support or resistance levels on the RSI itself rather than the price chart. Modern interpretations in trending markets: Modern interpretations of the RSI stress the context of the greater trend when using RSI signals such as crossovers, overbought/oversold conditions, divergences and patterns. Constance Brown, CMT, was one of the first who promoted the idea that an oversold reading on the RSI in an uptrend is likely much higher than 30%, and that an overbought reading on the RSI during a downtrend is much lower than the 70% level. In an uptrend or bull market, the RSI tends to remain in the 40 to 90 range, with the 40-50 zone acting as support. During a downtrend or bear market, the RSI tends to stay between the 10 to 60 range, with the 50-60 zone acting as resistance. For ease of executing more modern and nuanced interpretations of RSI it is very useful to break the RSI scale into bull and bear control and critical zones. These ranges will vary depending on the RSI settings and the strength of the specific market’s underlying trend. Limitations of the RSI Like most technical indicators, its signals are most reliable when they conform to the long-term trend. True trend reversal signals are rare, and can be difficult to separate from false signals. False signals or “fake-outs”, e.g. a bullish crossover, followed by a sudden decline in price, are common. Since the indicator displays momentum, it can stay overbought or oversold for a long time when an asset has significant sustained momentum in either direction. Data Length Dependency when using wilders smoothing method of calculating RSI means that wilders standard RSI will have a potential initialization error which reduces with every new data point calculated meaning early results should be regarded as unreliable until calculation iterations have occurred for convergence.
Pine Script® indicator
by The_Caretaker
6
Swing Breakout System (SBS)The Swing Breakout Sequence (SBS) is a trading strategy that focuses on identifying high-probability entry points based on a specific pattern of price swings. This indicator will identify these patterns, then draw lines and labels to show confirmation. How To Use: The indicator will show both Bullish and Bearish SBS patterns. Bullish Pattern is made up of 6 points: Low (0), HH (1), LL (2 | but higher than initial Low), New HH (3), LL (5), LL again (5) Bearish Patten is made up of 6 points: High (0), LL (1), HH (2 | but lower than initial high), New LL (3), HH (5), HH again (5) A label with an arrow will appear at the end, showing the completion of a successful sequence Idea behind the strategy: The idea behind this strategy, is the accumulation and then manipulation of liquidity throughout the sequence. For example, during SBS sequence, liquidity is accumulated during step (2), then price will push away to make a new high/low (step 3), after making a minor new high/low, price will retrace breaking the key level set up in step (2). This is price manipulating taking liquidity from behind high/low from step (2). After taking liquidity price the idea is price will continue in the original direction. Step 0 - Setting up initial direction Step 1 - Setting up initial direction Step 2 - Key low/high establishing liquidity Step 3 - Failed New high/low Step 4 - Taking liquidity from step (2) Step 5 - Taking liquidity from step 2 and 4 Pattern Detection: - Uses pivot high/low points to identify swing patterns - Stores 6 consecutive swing points in arrays - Identifies two types of patterns: 1. Bullish Pattern: A specific sequence of higher lows and higher highs 2. Bearish Pattern: A specific sequence of lower highs and lower lows Note: Because the indicator is identifying a perfect sequence of 6 steps, set ups may not appear frequently. Visualization: - Draws connecting lines between swing points - Labels each point numerically (optional) - Shows breakout arrows (↑ for bullish, ↓ for bearish) - Generates alerts on valid breakouts User Input Settings: Core Parameters 1. Pivot Lookback Period (default: 2) - Controls how many bars to look back/forward for pivot point detection - Higher values create fewer but more significant pivot points 2. Minimum Pattern Height % (default: 0.1) - Minimum required height of the pattern as a percentage of price - Filters out insignificant patterns 3. Maximum Pattern Width (bars) (default: 50) - Maximum allowed width of the pattern in bars - Helps exclude patterns that form over too long a period
Pine Script® indicator
by ClayeWeight
3
Diamonds Infiniti - Aynet FiboThe "Diamonds Infiniti - Aynet Fibo" Pine Script combines the geometric visualization of diamond patterns with Fibonacci retracement levels to create an innovative technical indicator for analyzing market trends and potential reversal points. Below is a detailed explanation of the code and its functionality: Key Features Dynamic Fibonacci Levels High and Low Points: The script calculates the highest high and lowest low over a user-defined lookback period (lookback) to establish a price range. Fibonacci Price Levels: Using the defined price range, the script calculates the Fibonacci retracement levels (0%, 23.6%, 38.2%, 50%, 61.8%, 100%) relative to the low point. Trend Change Detection Crossovers and Crossunders: The script monitors whether the closing price crosses over or under the calculated Fibonacci levels. This detection is encapsulated in the isTrendChange function. Trend Signal: If a trend change occurs at any of the Fibonacci levels (23.6%, 38.2%, 50%, 61.8%), the script flags it as a trend change and stores the bar index of the last signal. Diamond Pattern Visualization Diamond Construction: The drawDiamond function draws a diamond shape at a given bar index using a central price, a top price, and a bottom price. Trigger for Drawing Diamonds: When a trend change is detected, the script draws two diamonds—one on the left and one on the right—connected by a central line. The diamonds are based on the calculated price range (price_range) and a user-defined pattern height (patternHeight). Fibonacci Level Visualization Overlay of Fibonacci Levels: The script plots the calculated Fibonacci levels (23.6%, 38.2%, 50%, 61.8%) on the chart as dotted lines for easier visualization. Scientific and Trading Use Cases Trend Visualization: The diamond pattern visually highlights trend changes around key Fibonacci retracement levels, providing traders with clear indicators of potential reversal zones. Support and Resistance Zones: Fibonacci retracement levels are widely recognized as key support and resistance zones. Overlaying these levels helps traders anticipate price behavior in these areas. Adaptive Trading: By dynamically recalculating Fibonacci levels and diamond patterns based on the most recent price range, the script adapts to changing market conditions. Possible Enhancements Multi-Timeframe Support: Extend the script to calculate Fibonacci levels and diamond patterns across multiple timeframes for broader market analysis. Alerts: Add alerts for when the price crosses specific Fibonacci levels or when a new diamond pattern is drawn. Additional Patterns: Include other geometric patterns like triangles or rectangles for further trend analysis. This script is a powerful visualization tool that combines Fibonacci retracement with unique diamond patterns. It simplifies complex price movements into easily interpretable signals, making it highly effective for both novice and experienced traders.
Pine Script® indicator
by Aynet-London
Engulfing BoxThe Engulfing Box indicator is a custom script designed to visually highlight and track bullish and bearish engulfing candlestick patterns on a price chart. These patterns are often used to identify potential reversal points, making them valuable for technical analysis. The script dynamically draws colored boxes around these patterns, helping users easily spot them in the price action. Key Features: Bullish Engulfing Pattern: When a candlestick fully engulfs the previous bearish candle (i.e., the close of the current candle is higher than the open of the previous candle, and the open is lower than the close of the previous candle), the script draws a green box around the bullish engulfing candle. This box is drawn from the open of the previous candle to the low of the previous candle. Bearish Engulfing Pattern: When a candlestick fully engulfs the previous bullish candle (i.e., the close of the current candle is lower than the open of the previous candle, and the open is higher than the close of the previous candle), a red box is drawn around the bearish engulfing candle. This box is drawn from the open of the previous candle to the high of the previous candle. Dynamic Box Management: Once an engulfing pattern is detected, a box is drawn with the following attributes: Bullish Engulfing Box: Green, with a transparent background. Bearish Engulfing Box: Red, with a transparent background. The box will adjust its color to gray if the price moves past certain thresholds, indicating that the engulfing pattern may no longer be as relevant. Max Pattern Tracking: The script limits the number of engulfing boxes tracked on the chart to prevent clutter. The maximum number of bullish and bearish engulfing patterns shown is customizable (set to 500 by default), and once this limit is exceeded, older boxes are deleted to maintain a clean chart. Pattern Expiry: Boxes are deleted if price action moves beyond the pattern’s range, ensuring that outdated signals are removed. If the low price falls below the bottom of the bullish engulfing box, or the high price rises above the top of the bearish engulfing box, the respective box is removed. Additionally, if the low price moves below the top of the bullish box or the high price exceeds the bottom of the bearish box, the box's color is changed to a more neutral tone. How it Works: Pattern Detection: The script compares the current price data with the previous candlestick to detect the bullish or bearish engulfing patterns. Box Creation: If a pattern is detected, a colored box is drawn around the candle to visually highlight the pattern. Pattern Expiry and Cleanup: The script continuously monitors past boxes. If the price moves too far from the box’s range, the box is either deleted or altered to reflect the reduced significance of the pattern. B ox Count Limit: To avoid clutter, the script ensures that no more than 500 bullish or bearish engulfing boxes are shown at any time. Customization: The number of previous bars to scan for engulfing patterns can be adjusted (maxBarsback). The maximum number of patterns displayed at any time can be modified.
Pine Script® indicator
by daisukeburn
1
Engulfings/DojiDescription of the Indicator: The "Engulfings/Doji" indicator, is designed to assist traders in identifying significant candlestick patterns on price charts. This indicator focuses on two primary candlestick patterns: Bullish Engulfing and Bearish Engulfing, as well as the Doji pattern. It provides valuable insights into potential price reversals or continuations. Here's how it works and how to use it: Concepts Underlying the Calculations: Bullish Engulfing and Bearish Engulfing Patterns: Bullish Engulfing patterns occur when a candle's open and close prices are lower than the previous candle's open and close, and the current candle completely engulfs the previous one. Bearish Engulfing patterns are the opposite, with the current candle's open and close prices higher than the previous candle's open and close, completely engulfing it. Doji Pattern: The indicator also detects Doji candles. A Doji is characterized by a small or nearly non-existent body, indicating uncertainty or market indecision. Time Filtering (Sig_Time): The indicator applies time-based filters to consider these patterns only during specific trading sessions or hours. This helps traders focus on more relevant signals during active market times. Higher Timeframe (HTF) Engulfing Patterns: Additionally, the indicator can display HTF (Higher Timeframe) Engulfing patterns on the current chart, allowing traders to identify stronger signals occurring on higher timeframes. How to Use the Indicator: The indicator identifies and visually represents Bullish Engulfing, Bearish Engulfing, and Doji patterns on the price chart. The colors of these patterns can be customized based on their significance and the time of occurrence. Traders can set a maximum allowable body size for Doji patterns using the "Doji's Max Body size" input. The "Show HTF Engulfings" input allows traders to display HTF Engulfing patterns on the chart. Traders can choose not to display Doji patterns on the 1-minute (M1) timeframe by enabling the "Don't display Doji on M1" option. Candlestick patterns and Doji signals are displayed with appropriate symbols and colors to help traders identify potential trading opportunities. The time-based filtering enhances the relevance of the signals presented by the indicator.
Pine Script® indicator
by FYMDGLV
5
reversalchartpatternsLibrary "reversalchartpatterns" User Defined Types and Methods for reversal chart patterns - Double Top, Double Bottom, Triple Top, Triple Bottom, Cup and Handle, Inverted Cup and Handle, Head and Shoulders, Inverse Head and Shoulders method delete(this)   Deletes the drawing components of ReversalChartPatternDrawing object   Namespace types: ReversalChartPatternDrawing   Parameters:      this (ReversalChartPatternDrawing) : ReversalChartPatternDrawing object   Returns: current ReversalChartPatternDrawing object method delete(this)   Deletes the drawing components of ReversalChartPattern object. In turn calls the delete of ReversalChartPatternDrawing   Namespace types: ReversalChartPattern   Parameters:      this (ReversalChartPattern) : ReversalChartPattern object   Returns: current ReversalChartPattern object method lpush(this, obj, limit, deleteOld)   Array push with limited number of items in the array. Old items are deleted when new one comes and exceeds the limit   Namespace types: array   Parameters:      this (array) : array object      obj (ReversalChartPattern) : ReversalChartPattern object which need to be pushed to the array      limit (int) : max items on the array. Default is 10      deleteOld (bool) : If set to true, also deletes the drawing objects. If not, the drawing objects are kept but the pattern object is removed from array. Default is false.   Returns: current ReversalChartPattern object method draw(this)   Draws the components of ReversalChartPatternDrawing   Namespace types: ReversalChartPatternDrawing   Parameters:      this (ReversalChartPatternDrawing) : ReversalChartPatternDrawing object   Returns: current ReversalChartPatternDrawing object method draw(this)   Draws the components of ReversalChartPatternDrawing within the ReversalChartPattern object.   Namespace types: ReversalChartPattern   Parameters:      this (ReversalChartPattern) : ReversalChartPattern object   Returns: current ReversalChartPattern object method scan(zigzag, patterns, errorPercent, shoulderStart, shoulderEnd, allowedPatterns, offset)   Scans zigzag for ReversalChartPattern occurences   Namespace types: zg.Zigzag   Parameters:      zigzag (Zigzag type from Trendoscope/Zigzag/11) : ZigzagTypes.Zigzag object having array of zigzag pivots and other information on each pivots      patterns (array) : Existing patterns array. Used for validating duplicates      errorPercent (float) : Error threshold for considering ratios. Default is 13      shoulderStart (float) : Starting range of shoulder ratio. Used for identifying shoulders, handles and necklines      shoulderEnd (float) : Ending range of shoulder ratio. Used for identifying shoulders, handles and necklines      allowedPatterns (array) : array of int containing allowed pattern types      offset (int) : Offset of zigzag to consider only confirmed pivots   Returns: int pattern type method createPattern(zigzag, patternType, patternColor, properties, offset)   Create Pattern from ZigzagTypes.Zigzag object   Namespace types: zg.Zigzag   Parameters:      zigzag (Zigzag type from Trendoscope/Zigzag/11) : ZigzagTypes.Zigzag object having array of zigzag pivots and other information on each pivots      patternType (int) : Type of pattern being created. 1 - Double Tap, 2 - Triple Tap, 3 - Cup and Handle, 4 - Head and Shoulders      patternColor (color) : Color in which the patterns are drawn      properties (ReversalChartTradeProperties)      offset (int)   Returns: ReversalChartPattern object created method getName(this)   get pattern name of ReversalChartPattern object   Namespace types: ReversalChartPattern   Parameters:      this (ReversalChartPattern) : ReversalChartPattern object   Returns: string name of the pattern method getDescription(this)   get consolidated description of ReversalChartPattern object   Namespace types: ReversalChartPattern   Parameters:      this (ReversalChartPattern) : ReversalChartPattern object   Returns: string consolidated description method init(this)   initializes the ReversalChartPattern object and creates sub object types   Namespace types: ReversalChartPattern   Parameters:      this (ReversalChartPattern) : ReversalChartPattern object   Returns: ReversalChartPattern current object ReversalChartPatternDrawing   Type which holds the drawing objects for Reversal Chart Pattern Types   Fields:      patternLines (array type from Trendoscope/Drawing/2) : array of Line objects representing pattern      entry (Line type from Trendoscope/Drawing/2) : Entry price Line      targets (array type from Trendoscope/Drawing/2)      stop (Line type from Trendoscope/Drawing/2) : Stop price Line      patternLabel (Label type from Trendoscope/Drawing/2) ReversalChartTradeProperties   Trade properties of ReversalChartPattern   Fields:      riskAdjustment (series float) : Risk Adjustment for calculation of stop      useFixedTarget (series bool) : Boolean flag saying use fixed target type wherever possible. If fixed target type is not possible, then risk reward/fib ratios are used for calculation of targets      variableTargetType (series int) : Integer value which defines whether to use fib based targets or risk reward based targets. 1 - Risk Reward, 2 - Fib Ratios      variableTargetRatios (array) : Risk reward or Fib Ratios to be used for calculation of targets when fixed target is not possible or not enabled      entryPivotForWm (series int) : which Pivot should be considered as entry point for WM patterns. 0 refers to the latest breakout pivot where as 5 refers to initial pivot of the pattern ReversalChartPattern   Reversal Chart Pattern master type which holds the pattern components, drawings and trade details   Fields:      pivots (array type from Trendoscope/Zigzag/11) : Array of Zigzag Pivots forming the pattern      patternType (series int) : Defines the main type of pattern 1 - Double Tap, 1 - Triple Tap, 3 - Cup and Handle, 4 - Head and Shoulders, 5- W/M Patterns, 6 - Full Trend, 7 - Half Trend      patternColor (series color) : Color in which the pattern will be drawn on chart      properties (ReversalChartTradeProperties)      drawing (ReversalChartPatternDrawing) : ReversalChartPatternDrawing object which holds the drawing components      trade (Trade type from Trendoscope/TradeTracker/1) : TradeTracker.Trade object holding trade components
Pine Script® library
by Trendoscope
3
Price Action All In OneThis indicator represents the most advanced level of price action indicators, incorporating six useful features: traditional gaps, shadow gaps, bar counting, moving averages, previous values, and IO pattern matching . When I refer to price action, I mean the teachings of Dr. Al Brooks. While you can find these features in other indicators, mine is more advanced. The default settings are designed to work on a 5-minute timeframe, but you can also use this indicator on other time periods if you prefer. Gaps Traditional Gaps: Occurs when the lowest price of a bar is higher than the highest price of the previous bar, or the highest price of a bar is lower than the lowest price of the previous bar. Shadow/Tail Gaps: Occurs when the lowest price of a bar is higher than the highest price of the second last bar, or the highest price of a bar is lower than the lowest price of the second last bar. Gaps indicate strength, and consecutive gaps in one direction are characteristic of a strong trend. They offer a perspective on the strength of a trend, signifying that limit orders on one side are at a loss with no opportunity to exit at breakeven. Can bulls or bears create gaps? Are the gaps they create filled, or do they remain open? Traditional Gaps & Shadow/Tail Gaps Bar Counting The ability to use different timeframes (e.g., to determine the minute within an hour or the hour within a week). Consistent display of 1; in other indicators, if you set intervals to 2, you see 2, 4, 6, etc., or 1, 2, 4, 6. In my indicator, you will see 1, 3, 5, etc. In intraday trading, certain specific times are more important than others. For example, a form of reversal is more likely to occur at the midpoint of the trading day (if there are 80 candles in a day, the midpoint is at the 40th candle). This doesn't mean you should make reversal trades at the 40th candle. The bar count feature simply reminds you of the current time, helping you gauge how long until the trading day ends. For instance, if there are 80 candles in a day and you're an intraday trader, you probably shouldn't make a swing trade at the 70th candle because there are only 10 candles left until the close—likely not enough time for a swing to develop. Additionally, if you trade on a 5-minute timeframe, seeing candles numbered 3, 6, 9, etc. indicates the close of a 15-minute candle. This means that in addition to 5-minute timeframe traders, 15-minute timeframe traders will also pay attention to these candles, making them more significant. For the same reason, the 12th candle is crucial, as its close also marks the close of an hourly candle. Day Time Frame & Week Time Frame Moving Averages Provides three EMAs. You can set different timeframes and choose between continuous or discrete modes. Moving averages are excellent tools for determining trends. The 20 EMA is particularly popular, which increases its significance. Traders using different timeframes, such as 5-minute, 15-minute, and 1-hour, all utilize the 20 EMA. This indicator allows you to see what traders on 15-minute and 1-hour timeframes are observing, even when you're on a 5-minute timeframe. Once again, the default settings of this indicator assume that the user is trading intraday on a 5-minute timeframe. However, if that's not the case, you can easily adjust the moving average periods. For instance, if you trade on a 1-hour timeframe and want to display the 4-hour and daily moving averages on your chart, this can be done effortlessly. 5m 20, 15m 20 & 1h 20 Previous Values Features three previous value displays. You can set their sources and timeframes independently and define the range for all previous values. For intraday trading, marking the previous day's high, low, and close prices can be crucial. While some other indicators provide this feature, mine does it better. You can set different timeframes and choose various sources. For example, you might want to display the average of (O+H+L+C)/4 for the last week. In addition to setting the timeframe and source, you can also configure the display range: All: This will show the data in all positions. For example, you can see the high price from two days ago on yesterday's chart. Today: This will only display the previous day's high price on the current day's chart. Timeframe: This will display the data based on the specified timeframe you set. Last Week High, Last Day Close & Low(Timeframe Display) IO Pattern Matching More advanced than other IO pattern matching indicators. For adjacent IIs, it merges to display as III, IIII, and so on. The same applies to OO patterns. Additionally, it automatically merges adjacent IOI and II into IOII, and adjacent OO and IOI into IIOI. II Pattern: This refers to two consecutive inside bar candles. On a lower timeframe, the II pattern forms a converging triangle, which is a breakout pattern. The II pattern could also potentially become a final flag, which is the last flag in a trend. OO Pattern: This refers to two consecutive outside bar candles. On a lower timeframe, the OO pattern forms an expanding triangle. You can use the OO pattern similarly to how you would use an expanding triangle. IOI Pattern: This pattern occurs when the first candle is contained within the second candle, and the third candle is also contained within the second candle. This is a breakout pattern and could similarly represent a terminal flag in a trend. The appearance of II, OO, or IOI patterns does not necessarily mean you should make a reversal trade. These patterns are meant to mark potential moves in a lower timeframe within the current cycle, providing a new perspective on the market and reminding you to stay vigilant. You shouldn't look for IO patterns in a tight trading range. There are many IO patterns in a tight trading range, but they don't hold much significance. II, OO & IOI
Pine Script® indicator
by fengyangsi
31
Hammer and inverted Hammer The "Hammer and Inverted Hammer" indicator is straightforward and effective. It automatically spots key candlestick patterns for you, making it easier to see potential market turns. You can also adjust a few settings to fit your trading style. Simple, yet quite handy for traders! Alerts for Hammer Pattern: When the script identifies a Hammer pattern, it can trigger an alert. This is particularly useful if you're looking for potential bullish reversal signals and don't want to miss them. Alerts for Inverted Hammer Pattern: Similarly, when an Inverted Hammer pattern is detected, the script can also trigger an alert. This is helpful for spotting potential bearish reversal signals. SETTINGS EXPLAINED Minimum Lower Tail Length (%): This setting allows you to define what percentage of the total candle size should be considered a significant lower tail. This is important for identifying the Hammer pattern. Number of Consecutive Candles (for Lower Tails): This input lets you choose how many consecutive candles with significant lower tails must be present to identify a pattern. Percentage of Candle Below Previous Low: This setting determines what percentage of the candle's range must extend below the lowest low of a specified number of previous candles. It's used to assess the significance of a Hammer pattern. Number of Previous Candles for Lowest Low: This decides how many previous candles the script should look at to calculate the lowest low, which is then used in the Hammer pattern analysis. Minimum Upper Tail Length (%): Similar to the lower tail setting, this defines the significant length of an upper tail, used for identifying the Inverted Hammer pattern. Number of Consecutive Candles (for Upper Tails): This input is for setting how many consecutive candles with significant upper tails are required to confirm an Inverted Hammer pattern. Percentage of Candle Above Previous High: This setting is used to determine how much of the candle's range must be above the highest high of a set number of previous candles, aiding in the identification of the Inverted Hammer pattern. Number of Previous Candles for Highest High: It specifies the number of past candles to consider for calculating the highest high, which is important for the analysis of Inverted Hammer patterns. These settings allow you to customize how the script identifies Hammer and Inverted Hammer patterns, making it adaptable to different trading strategies and market conditions.
Pine Script® indicator
by FogWalkerTrader
1
Buy/Sell EMA CandleThis indicator is designed to display various technical indicators, candle patterns, and trend directions on a price chart. Let's break down the code and explain its different sections: Exponential Moving Averages (EMA): The code calculates and plots five EMAs of different lengths (13, 21, 55, 90, and 200) on the price chart. These EMAs are used to identify trends and potential crossovers. Engulfing Candle Patterns: The code identifies and highlights potential bullish and bearish engulfing candle patterns. It checks if the current candle's body size is larger than the combined body sizes of the previous and subsequent four candles. If this condition is met, it marks the pattern on the chart. s3.tradingview.com EMA Crossovers: The code identifies and highlights points where the shorter EMA (ema1) crosses above or below the longer EMA (ema2). It plots circles to indicate these crossover points. Candle Direction and RSI Trend: The code determines the trend direction of the last candle based on whether it closed higher or lower than its open price. It also calculates the RSI (Relative Strength Index) and determines its trend direction (overbought, oversold, or neutral) based on predefined thresholds. s3.tradingview.com Table Display: The code creates a table displaying trend directions for different timeframes (monthly, weekly, daily, 4-hour, and 1-hour) for candle direction and RSI trends. The trends are labeled with "L" for long, "S" for short, and "N/A" for not applicable. High Volume Bars (HVB): The code identifies and colors bars with above-average volume as either bullish or bearish based on whether the price closed higher or lower than it opened. The color and conditions for high volume bars can be customized. s3.tradingview.com Doji Candle Pattern: The code identifies and marks doji candle patterns, where the open and close prices are very close to each other within a certain percentage of the candle's high-low range. RSI-Based Candle Coloring: The code adjusts the color of the candles based on the RSI value. If the RSI value is above the overbought threshold or below the oversold threshold, the candles are colored yellow. Usage and Interpretation: Traders can use this indicator to identify potential trend changes based on EMA crossovers and candle patterns like engulfing and doji. The RSI trend direction can provide additional insight into potential overbought or oversold conditions. High volume bars can indicate potential price reversals or continuation patterns. The table provides an overview of trend directions on different timeframes for both candle direction and RSI trends. Keep in mind that this is a complex indicator with multiple features. Users should carefully evaluate its performance and consider combining it with other indicators and analysis methods for more accurate trading decisions. The table is designed to provide a consolidated view of trend directions and other indicators across multiple timeframes. It is displayed on the chart and organized into rows and columns. Each row corresponds to a specific aspect of analysis, and each column corresponds to a different timeframe. Here's a breakdown of the components of the table: Row 1: Separation. Row 2 (Header Row): This row contains the headers for the columns. The headers represent the different timeframes being analyzed, such as Monthly (M), Weekly (W), Daily (D), 4-hour (4h), and 1-hour (1h). Row 3 (Content Row): This row contains labels indicating the types of information being displayed in the columns. The labels include "T" for Trend, "C" for Current Candle, and "R" for RSI Trend. Row 4 and Onwards: These rows display the actual data for each aspect of analysis across different timeframes. For each aspect of analysis (Trend, Current Candle, RSI Trend), the corresponding rows display the following information: Monthly (M): The trend direction for the given aspect on the monthly timeframe. Weekly (W): The trend direction for the given aspect on the weekly timeframe. Daily (D): The trend direction for the given aspect on the daily timeframe. 4-hour (4h): The trend direction for the given aspect on the 4-hour timeframe. 1-hour (1h): The trend direction for the given aspect on the 1-hour timeframe. The trend directions are represented by labels such as "L" for Long, "S" for Short, or "N/A" for Not Applicable. The table's purpose is to provide a quick overview of trend directions and related information across multiple timeframes, aiding traders in making informed decisions based on the analysis of trend changes and other indicators.
Pine Script® indicator
by AleSaira
8