Cup & Handle

26 sie 2022

Hi, here is my take on 'Cup & Handle'

Pivot Points - ph  (highest points in a certain period) are stored in an array

When there is a new ph , previous ph's are compared to the latest one.
A temporary test line is drawn between these 2 points.
The script checks if a close (between these 2 points) doesn't break above this test line.
(test line is deleted afterwards)

If it doesn't, and the '% max breaks' are not breached, 2 circle shaped lines are drawn
(Top & Bottom line of the cup) which forms the Cup, together with the Handle.
The red box (Handle) is the maximum 33-50% retracement (% of cup height)

-> Only the latest pattern is shown, enabling 'Show Cup labels' shows the position of cup patterns in history.
They can be visualised by using 'Bar Replay'

'% max breaks' -> 'maximum highs/lows breaking through the Top/Bottom line
(% of bars between left & right extreme points of the Cup)

Settings:
- 'Left', 'Right' -> regulates Pivot Point values
- 'PP back' -> max lookback for Pivot High

More explanation can be found in following print screens,
or by checking the tooltips in the settings









Cheers!

26 sie 2022

Informacje o Wersji

Adjusted '% angle' calculation
-> Now the maximum difference between the 2 Top points of the Cup is a % of the total height of the Cup