Editors' picksOPEN-SOURCE SCRIPTWedge and Flag Finder (Multi - zigzag)
Updated
Here is a small attempt to automatically identify wedges and flags.
Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming wedge can be quite common. In future, will also try to add more pivots in pattern recognition to make the signal more accurate.
If wedge comes with a tail, then it is marked as flag :)
Settings are quite simple and they are as shown below
https://www.tradingview.com/x/AJraEYii/
Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming wedge can be quite common. In future, will also try to add more pivots in pattern recognition to make the signal more accurate.
If wedge comes with a tail, then it is marked as flag :)
Settings are quite simple and they are as shown below
https://www.tradingview.com/x/AJraEYii/
Release Notes
Few updates- You can now select wedge based on 5 or 6 pivots (defined in settings)
- Theme based colouring option added in the settings. Now users can chose either dark or light theme (Refers to chart background theme).
- Option added in settings to hide zigzag lines and labels within wedge.
- Angle based logic are refined as well as the settings. Angle restrictions are by default not selected as they often can be unreliable.
Snapshot of the latest settings screen look like this:
https://www.tradingview.com/x/BK6jtwNW/
Release Notes
- Added alert upon new pattern formation.
- Added labels for wedge
Release Notes
Updated libraries. Removed max_bars_backRelease Notes
reverted max_bars_back change as it lead to error.Release Notes
Added option to filter only wedge or flag using input options.Release Notes
Added condition to alert only after bar confirmation. This is done to avoid repaints of alerts.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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