Editors' picksOPEN-SOURCE SCRIPTRecursive Reversal Chart Patterns [Trendoscope]
Updated
Caution: This algorithm is very heavy and bound to cause timeouts. If that happens, there are few settings you can change to reduce the load. (Will explain them in the description below)
🎲 Recursive Reversal Chart Patterns Indicator
Welcome to another exploration of Zigzag and Pattern ecosystem components. Previously we derived Pitchfork and Recursive Zigzag indicators. This indicator is designed to scan and highlight few popular "Reversal Chart Patterns". Similar to other indicators in the ecosystem, this too is built on recursive zigzags.
Indicator however names the patterns separately for bullish and bearish formations. So, the actual names you see on the screen are
Here is a snapshot on how each category of patterns look on the chart.
🎲 Architecture
Many of you may be cursing me for publishing too many libraries. But, these are all preparations for something big. Like other indicators in the Zigzag and Patterns Ecosystem, this too uses a bunch of libraries.
🎯Major direct dependencies
🎯Indirect dependencies
🎯Minor dependencies
🎲 Indicator Settings
🎯Generic and Zigzag Settings.
Note: In case of timeout, please decrease the value of depth parameter
🎯Pattern Selection
Having all the patterns selected on chart may also cause timeouts and will make the chart look messy. It is better to limit one or two patterns on the chart to have clear picture.
🎯Scanner Settings
🎯Indicators.
These are options to use indicators as secondary confirmation to calculate divergence. If selected, the patterns are shown only if the divergence data is inline. Option also available to plugin external indicator. These calculations are not straightforward and not easy to measure by manual inspection. This feature at present is purely experimental.
https://www.tradingview.com/x/pwJonwrt/
Have a go and let me know how you feel :)
🎲 Recursive Reversal Chart Patterns Indicator
Welcome to another exploration of Zigzag and Pattern ecosystem components. Previously we derived Pitchfork and Recursive Zigzag indicators. This indicator is designed to scan and highlight few popular "Reversal Chart Patterns". Similar to other indicators in the ecosystem, this too is built on recursive zigzags.
- Double Taps
- Triple Taps
- Cup and Handles
- Head and Shoulders
Indicator however names the patterns separately for bullish and bearish formations. So, the actual names you see on the screen are
- Double Top
- Double Bottom
- Triple Top
- Triple Bottom
- Cup and Handle
- Inverted Cup and Handle
- Head and Shoulders
- Inverse Head and Shoulders
Here is a snapshot on how each category of patterns look on the chart.
🎲 Architecture
Many of you may be cursing me for publishing too many libraries. But, these are all preparations for something big. Like other indicators in the Zigzag and Patterns Ecosystem, this too uses a bunch of libraries.
🎯Major direct dependencies
🎯Indirect dependencies
🎯Minor dependencies
🎲 Indicator Settings
🎯Generic and Zigzag Settings.
Note: In case of timeout, please decrease the value of depth parameter
🎯Pattern Selection
Having all the patterns selected on chart may also cause timeouts and will make the chart look messy. It is better to limit one or two patterns on the chart to have clear picture.
🎯Scanner Settings
🎯Indicators.
These are options to use indicators as secondary confirmation to calculate divergence. If selected, the patterns are shown only if the divergence data is inline. Option also available to plugin external indicator. These calculations are not straightforward and not easy to measure by manual inspection. This feature at present is purely experimental.
https://www.tradingview.com/x/pwJonwrt/
Have a go and let me know how you feel :)
Release Notes
- Updated Libraries
- Performance tweaks to avoid timeout
Release Notes
Few logical updates to improve algorithm and library updatesRelease Notes
Minor library updateRelease Notes
Minor fixes and set display to none for input parametersOpen-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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Subscribe - trendoscope.io/pricing
Telegram: p.trendoscope.io/telegram
Rate us : trustpilot.com/review/trendoscope.io
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