INVITE-ONLY SCRIPT
Consolidation & Head and Shoulders Scanner
Updated
Hello Traders!
The Consolidation & Head and Shoulders Scanner utilizes a unique swing-based pattern recognition to pinpoint consolidation and (inverse) head and shoulders patterns in real-time with unparalleled precision.
The rectangle pattern, also known as a trading range or a consolidation pattern, is characterized by horizontal lines that act as support and resistance levels, creating a rectangular shape.
The head and shoulders chart pattern is a technical analysis pattern used to identify potential trend reversals in financial markets. It consists of three swing highs (peaks), with the middle peak being the highest and the two outside swing highs being slightly lower. The middle peak is referred to as the "head" and the two outside peaks are referred to as the "shoulders."
The pattern typically forms after an uptrend and is in most cases a bearish signal. The neckline is a support level that connects the lows of the two shoulders. Once the price breaks below the neckline, the pattern is confirmed, and a new down trend starts. Conversely, an "inverse head and shoulders" pattern forms after a downtrend and is a bullish signal.
The Consolidation & Head and Shoulders Scanner is designed to operate in a fully automated manner, detecting consolidation patterns, head and shoulders patterns and inverse head and shoulders patterns across the symbol and timeframe that you select. It grants you the ability to simultaneously scan for patterns across as many as 20 distinct symbols.
Feature List
The value of this indicator is to support traders to easily identify consolidations and (inverse) head and shoulders patterns in an automated way and across many different markets at the same time. The special swing-based pattern recognition makes this indicator unique. The trader saves a lot of time scanning the markets for consolidation and head and shoulders patterns, since finding the pattern and alerting for a breakout is done automatically for the trader.
For a visualization of the detected patterns, you can add the TRN Consolidation and Range Pattern and the TRN Head and Shoulders Pattern indicators to your chart.
How does Consolidation & Head and Shoulders Scanner work?
On the right side of the chart, you can find a table displaying the symbols monitored by our scanner for pattern and breakout detection (first column). The table provides information on the status of each symbol.
This visual representation allows you to quickly identify the evolving pattern dynamics across different symbols, helping you stay informed and make timely trading decisions.
In the second and fifth column, the status of consolidation patterns with two different consolidation sizes gets displayed. In the third and fourth column, the status of detected long and short head and shoulders patterns is displayed. The same goes for column seven and eight but with a different head and shoulders size which is customizable in the settings.
The scanner operates specifically on the timeframe you have selected in TradingView, ensuring that the detected patterns and breakouts align precisely with your trading perspective. F If the scanner displays a pattern or a breakout, you just can switch to this instrument and start trading it if you like what you see.
Follow these instructions to discover how you can utilize the scanner for seamless and simplified chart pattern detection like never before:
Add Symbols
Go to indicator settings and scroll down to the "Symbols" section. The enabled symbols can be recognized by the check marks. Click on one of them and use the search function to add the symbol of your choice to the scanner. You can search for up to 20 different Symbols at the same time.
Use Alerts (optional but recommended)
You can also use the built-in alerts to easily get notified when a pattern occurs. In the indicator settings in the "Alerts" section you can choose whether you want to get notified when a pattern is
This allows you to stay informed about potential breakout opportunities that are still awaiting confirmation.
*Customization and Settings
The indicator can scan for smaller and larger patterns at the same time. Adjust the consolidation and head and shoulders sizes in the indicator settings to align them with your preferences. A larger size results in larger patterns. Depending on the asset class, the market or the market phase, different sizes can be used for pattern detection.
To detect more patterns, increase the tolerance level, even though it may result in lower accuracy. However, be mindful that a higher tolerance level may result in more patterns hitting their stop-loss.
Risk Disclaimer
The content, tools, scripts, articles, and educational resources offered by TRN Trading are intended solely for informational and educational purposes. Remember, past performance does not ensure future outcomes.
The Consolidation & Head and Shoulders Scanner utilizes a unique swing-based pattern recognition to pinpoint consolidation and (inverse) head and shoulders patterns in real-time with unparalleled precision.
The rectangle pattern, also known as a trading range or a consolidation pattern, is characterized by horizontal lines that act as support and resistance levels, creating a rectangular shape.
The head and shoulders chart pattern is a technical analysis pattern used to identify potential trend reversals in financial markets. It consists of three swing highs (peaks), with the middle peak being the highest and the two outside swing highs being slightly lower. The middle peak is referred to as the "head" and the two outside peaks are referred to as the "shoulders."
The pattern typically forms after an uptrend and is in most cases a bearish signal. The neckline is a support level that connects the lows of the two shoulders. Once the price breaks below the neckline, the pattern is confirmed, and a new down trend starts. Conversely, an "inverse head and shoulders" pattern forms after a downtrend and is a bullish signal.
The Consolidation & Head and Shoulders Scanner is designed to operate in a fully automated manner, detecting consolidation patterns, head and shoulders patterns and inverse head and shoulders patterns across the symbol and timeframe that you select. It grants you the ability to simultaneously scan for patterns across as many as 20 distinct symbols.
Feature List
- Real-time consolidation and (inverse) head and shoulders pattern detection
- Breakout alerts
- Customizable pattern size and accuracy
- Customizable look and feel
The value of this indicator is to support traders to easily identify consolidations and (inverse) head and shoulders patterns in an automated way and across many different markets at the same time. The special swing-based pattern recognition makes this indicator unique. The trader saves a lot of time scanning the markets for consolidation and head and shoulders patterns, since finding the pattern and alerting for a breakout is done automatically for the trader.
For a visualization of the detected patterns, you can add the TRN Consolidation and Range Pattern and the TRN Head and Shoulders Pattern indicators to your chart.
How does Consolidation & Head and Shoulders Scanner work?
On the right side of the chart, you can find a table displaying the symbols monitored by our scanner for pattern and breakout detection (first column). The table provides information on the status of each symbol.
- ACTIVE – Pattern building up
- UP – Upside Breakout
- DN – Downside Breakout
- UP CONF – Upside Breakout confirmed
- DN CONF – Downside Breakout confirmed
- FAILED – Pattern failed to get confirmed
This visual representation allows you to quickly identify the evolving pattern dynamics across different symbols, helping you stay informed and make timely trading decisions.
In the second and fifth column, the status of consolidation patterns with two different consolidation sizes gets displayed. In the third and fourth column, the status of detected long and short head and shoulders patterns is displayed. The same goes for column seven and eight but with a different head and shoulders size which is customizable in the settings.
The scanner operates specifically on the timeframe you have selected in TradingView, ensuring that the detected patterns and breakouts align precisely with your trading perspective. F If the scanner displays a pattern or a breakout, you just can switch to this instrument and start trading it if you like what you see.
Follow these instructions to discover how you can utilize the scanner for seamless and simplified chart pattern detection like never before:
Add Symbols
Go to indicator settings and scroll down to the "Symbols" section. The enabled symbols can be recognized by the check marks. Click on one of them and use the search function to add the symbol of your choice to the scanner. You can search for up to 20 different Symbols at the same time.
Use Alerts (optional but recommended)
You can also use the built-in alerts to easily get notified when a pattern occurs. In the indicator settings in the "Alerts" section you can choose whether you want to get notified when a pattern is
- in the making (Pattern active),
- confirms an up breakout (B/O Up Confirmed)
- confirms a down breakout (B/O Down Confirmed)
- (Unconfirmed) in case a pattern breakout occurs, even if the pattern is not yet confirmed
This allows you to stay informed about potential breakout opportunities that are still awaiting confirmation.
*Customization and Settings
The indicator can scan for smaller and larger patterns at the same time. Adjust the consolidation and head and shoulders sizes in the indicator settings to align them with your preferences. A larger size results in larger patterns. Depending on the asset class, the market or the market phase, different sizes can be used for pattern detection.
To detect more patterns, increase the tolerance level, even though it may result in lower accuracy. However, be mindful that a higher tolerance level may result in more patterns hitting their stop-loss.
Risk Disclaimer
The content, tools, scripts, articles, and educational resources offered by TRN Trading are intended solely for informational and educational purposes. Remember, past performance does not ensure future outcomes.
Release Notes
Settings UI has been improvedRelease Notes
Default Settings has been updated.Invite-only script
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Author's instructions
″Access: https://TRN-Trading.ai
The content, tools, scripts, articles, and educational resources offered by TRN Trading are intended solely for informational and educational purposes. Remember, past performance does not ensure future outcomes.
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Documentation: docs.trntrading.ai
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Documentation: docs.trntrading.ai
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.