OPEN-SOURCE SCRIPT
Broadening Formations [TFO]
Updated
This indicator highlights deviations from broadening formations (or megaphone patterns). Deviations from broadening ranges can often foreshadow reversals, especially in consolidation phases. These deviations are highlighted via trendlines that change color when tested, and also have the option to be alerted.
These broadening formations are heavily used with "The Strat" and can add confluence when looking for reversals within higher timeframe points of interest.
These broadening formations are heavily used with "The Strat" and can add confluence when looking for reversals within higher timeframe points of interest.
Release Notes
Minor update so that users can change default line style and width
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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