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Trendoscope

Auto Chart Patterns [Trendoscope®]🎲 Introducing our most comprehensive automatic chart pattern recognition indicator. Last week, we published an idea on how to algorithmically identify and classify chart patterns. This indicator is nothing but the initial implementation of the idea. Whatever we explained in that publication that users can do manually to identify and classify the pattern, this indicator will do it for them. 🎲 Process of identifying the patterns. The bulk of the logic is implemented as part of the library - chartpatterns . The indicator is a shell that captures the user inputs and makes use of the library to deliver the outcome. 🎯 Here is the list of steps executed to identify the patterns on the chart. Derive multi level recursive zigzag for multiple base zigzag length and depth combinations. For each zigzag and level, check the last 5 pivots or 6 pivots (based on the input setting) for possibility of valid trend line pairs. If there is a valid trend line pair, then there is pattern. 🎯 Rules for identifying the valid trend line pairs There should be at least two trend lines that does not intersect between the starting and ending pivots. The upper trend line should touch all the pivot highs of the last 5 or 6 pivots considered for scanning the patterns The lower trend line should touch all the pivot lows of the last 5 or 6 pivots considered for scanning the patterns. None of the candles from starting pivot to ending pivot should fall outside the trend lines (above upper trend line and below lower trend line) The existence of a valid trend line pair signifies the existence of pattern. What type of pattern it is, to identify that we need to go through the classification rules. 🎲 Process of classification of the patterns. We need to gather the following information before we classify the pattern. Direction of upper trend line - rising, falling or flat Direction of lower trend line - rising, falling or flat Characteristics of trend line pair - converging, expanding, parallel 🎯 Broader Classifications Broader classification would include the following types. 🚩 Classification Based on Geometrical Shapes This includes Wedges - both trend lines are moving in the same direction. But, the trend lines are either converging or diverging and not parallel to each other. Triangles - trend lines are moving in different directions. Naturally, they are either converging or diverging. Channels - Both trend lines are moving in the same direction, and they are parallel to each other within the limits of error. 🚩 Classification Based on Pattern Direction This includes Ascending/Rising Patterns - No trend line is moving in the downward direction and at least one trend line is moving upwards Descending/Falling Patterns - No trend line is moving in the upward direction, and at least one trend line is moving downwards. Flat - Both Trend Lines are Flat Bi-Directional - Both trend lines are moving in opposite direction and none of them is flat. 🚩 Classification Based on Formation Dynamics This includes Converging Patterns - Trend Lines are converging towards each other Diverging Patterns - Trend Lines are diverging from each other Parallel Patterns - Trend Lines are parallel to each others 🎯 Individual Pattern Types Now we have broader classifications. Let's go through in detail to find out fine-grained classification of each individual patterns. 🚩 Ascending/Uptrend Channel This pattern belongs to the broader classifications - Ascending Patterns, Parallel Patterns and Channels. The rules for the Ascending/Uptrend Channel pattern are as below Both trend lines are rising Trend lines are parallel to each other 🚩 Descending/Downtrend Channel This pattern belongs to the broader classifications - Descending Patterns, Parallel Patterns and Channels. The rules for the Descending/Downtrend Channel pattern are as below Both trend lines are falling Trend lines are parallel to each other 🚩 Ranging Channel This pattern belongs to the broader classifications - Flat Patterns, Parallel Patterns and Channels. The rules for the Ranging Channel pattern are as below Both trend lines are flat Trend lines are parallel to each other 🚩 Rising Wedge - Expanding This pattern belongs to the broader classifications - Rising Patterns, Diverging Patterns and Wedges. The rules for the Expanding Rising Wedge pattern are as below Both trend lines are rising Trend Lines are diverging. 🚩 Rising Wedge - Contracting This pattern belongs to the broader classifications - Rising Patterns, Converging Patterns and Wedges. The rules for the Contracting Rising Wedge pattern are as below Both trend lines are rising Trend Lines are converging. 🚩 Falling Wedge - Expanding This pattern belongs to the broader classifications - Falling Patterns, Diverging Patterns and Wedges. The rules for the Expanding Falling Wedge pattern are as below Both trend lines are falling Trend Lines are diverging. 🚩 Falling Wedge - Contracting This pattern belongs to the broader classifications - Falling Patterns, Converging Patterns and Wedges. The rules for the Converging Falling Wedge are as below Both trend lines are falling Trend Lines are converging. 🚩 Rising/Ascending Triangle - Expanding This pattern belongs to the broader classifications - Rising Patterns, Diverging Patterns and Triangles. The rules for the Expanding Ascending Triangle pattern are as below The upper trend line is rising The lower trend line is flat Naturally, the trend lines are diverging from each other 🚩 Rising/Ascending Triangle - Contracting This pattern belongs to the broader classifications - Rising Patterns, Converging Patterns and Triangles. The rules for the Contracting Ascending Triangle pattern are as below The upper trend line is flat The lower trend line is rising Naturally, the trend lines are converging. 🚩 Falling/Descending Triangle - Expanding This pattern belongs to the broader classifications - Falling Patterns, Diverging Patterns and Triangles. The rules for the Expanding Descending Triangle pattern are as below The upper trend line is flat The lower trend line is falling Naturally, the trend lines are diverging from each other 🚩 Falling/Descending Triangle - Contracting This pattern belongs to the broader classifications - Falling Patterns, Converging Patterns and Triangles. The rules for the Contracting Descending Triangle pattern are as below The upper trend line is falling The lower trend line is flat Naturally, the trend lines are converging. 🚩 Converging Triangle This pattern belongs to the broader classifications - Bi-Directional Patterns, Converging Patterns and Triangles. The rules for the Converging Triangle pattern are as below The upper trend line is falling The lower trend line is rising Naturally, the trend lines are converging. 🚩 Diverging Triangle This pattern belongs to the broader classifications - Bi-Directional Patterns, Diverging Patterns and Triangles. The rules for the Diverging Triangle pattern are as below The upper trend line is rising The lower trend line is falling Naturally, the trend lines are diverging from each other. 🎲 Indicator Settings - Auto Chart Patterns 🎯 Zigzag Settings Zigzag settings allow users to select the number of zigzag combinations to be used for pattern scanning, and also allows users to set zigzag length and depth combinations. 🎯 Scanning Settings Number of Pivots - This can be either 5 or 6. Represents the number of pivots used for identification of patterns. Error Threshold - Error threshold used for initial trend line validation. Flat Threshold - Flat angle threshold is used to identify the slope and direction of trend lines. Last Pivot Direction - Filters patterns based on the last pivot direction. The values can be up, down, both, or custom. When custom is selected, then the individual pattern specific last pivot direction setting is used instead of the generic one. Verify Bar Ratio - Provides option to ignore extreme patterns where the ratios of zigzag lines are not proportionate to each other. Avoid Overlap - When selected, the patterns that overlap with existing patterns will be ignored while scanning. Meaning, if the new pattern starting point falls between the start and end of an existing pattern, it will be ignored. 🎯 Group Classification Filters Allows users to enable disable patterns based on group classifications. 🚩 Geometric Shapes Based Classifications Wedges - Rising Wedge Expanding, Falling Wedge Expanding, Rising Wedge Contracting, Falling Wedge Contracting. Channels - Ascending Channel, Descending Channel, Ranging Channel Triangles - Converging Triangle, Diverging Triangle, Ascending Triangle Expanding, Descending Triangle Expanding, Ascending Triangle Contrcting and Descending Triangle Contracting 🚩 Direction Based Classifications Rising - Rising Wedge Contracting, Rising Wedge Expanding, Ascending Triangle Contracting, Ascending Triangle Expanding and Ascending Channel Falling - Falling Wedge Contracting, Falling Wedge Expanding, Descending Triangle Contracting, Descending Triangle Expanding and Descending Channel Flat/Bi-directional - Ranging Channel, Converging Triangle, Diverging Triangle 🚩 Formation Dynamics Based Classifications Expanding - Rising Wedge Expanding, Falling Wedge Expanding, Ascending Triangle Expanding, Descending Triangle Expanding, Diverging Triangle Contracting - Rising Wedge Contracting, Falling Wedge Contracting, Ascending Triangle Contracting, Descending Triangle Contracting, Converging Triangle Parallel - Ascending Channel, Descending Channgel and Ranging Channel 🎯 Individual Pattern Filters These settings allow users to enable/disable individual patterns and also set last pivot direction filter individually for each pattern. Individual Last Pivot direction filters are only considered if the main "Last Pivot Direction" filter is set to "custom" 🎯 Display Settings These are the settings that determine the indicator display. The details are provided in the tooltips and are self explanatory. 🎯 Alerts A basic alert message is enabled upon detection of new pattern on the chart.
Wskaźnik Pine Script™
od Trendoscope
105
ohlcLibrary "ohlc" Library having OHLC and Indicator type and method implementations. getOhlcArray(o, h, l, c, barindex, bartime, indicators)   get array of OHLC values when called on every bar   Parameters:      o (float) : Open price      h (float) : High Price      l (float) : Low Price      c (float) : Close Price      barindex (int) : bar_index of OHLC data      bartime (int) : time of OHLC cata      indicators (Indicator ) : array containing indicator   Returns: Array of OHLC objects push(this, item, maxItems)   Push items to OHLC array with maxItems limit   Parameters:      this (OHLC )      item (OHLC) : OHLC Item to be pushed to the array      maxItems (int) : max Items the array can hold at a time   Returns: current object push(this, item, maxItems)   Push items to Indicator array with maxItems limit   Parameters:      this (Indicator )      item (Indicator) : Indicator Item to be pushed to the array      maxItems (int) : max Items the array can hold at a time   Returns: current object unshift(this, item, maxItems)   Unshift items to OHLC array with maxItems limit   Parameters:      this (OHLC )      item (OHLC) : OHLC Item to be unshifted to the array      maxItems (int) : max Items the array can hold at a time   Returns: current object unshift(this, item, maxItems)   Unshift items to Indicator array with maxItems limit   Parameters:      this (Indicator )      item (Indicator) : Indicator Item to be unshifted to the array      maxItems (int) : max Items the array can hold at a time   Returns: current object method getPoints(indicators)   get array of points based on array of indicator values   Namespace types: Indicator   Parameters:      indicators (Indicator ) : Array containing indicator objects   Returns: array of indicator points method plot(indicator, xloc, line_color, line_style, line_width)   plots an array of Indicator using polyline   Namespace types: Indicator   Parameters:      indicator (Indicator ) : Array containing indicator objects      xloc (string) : can have values xloc.bar_index or xloc.bar_time. Used for drawing the line based on either bars or time.      line_color (color) : color in which the plots need to be printed on chart.      line_style (string) : line style line.style_solid, line.style_dotted, line.style_dashed, line.style_arrow_right, line.style_arrow_left, line.style_arrow_both      line_width (int) : width of the plot line   Returns: array of plot polyline Indicator   Object containing Indicator name and value   Fields:      name (series string) : Indicator Name      value (chart.point) : Indicator Value as a chart point OHLC   Object containing OHLC and indicator values   Fields:      o (series float) : Open price      h (series float) : High Price      l (series float) : Low Price      c (series float) : Close Price      barindex (series int) : bar_index of OHLC data      bartime (series int) : time of OHLC cata      indicators (Indicator ) : array containing indicator
Biblioteka Pine Script™
od Trendoscope
8
chartpatternsLibrary "chartpatterns" Library having complete chart pattern implementation method draw(this)   draws pattern on the chart   Namespace types: Pattern   Parameters:      this (Pattern) : Pattern object that needs to be drawn   Returns: Current Pattern object method erase(this)   erase the given pattern on the chart   Namespace types: Pattern   Parameters:      this (Pattern) : Pattern object that needs to be erased   Returns: Current Pattern object method findPattern(this, properties, patterns)   Find patterns based on the currect zigzag object and store them in the patterns array   Namespace types: zg.Zigzag   Parameters:      this (Zigzag type from Trendoscope/ZigzagLite/2) : Zigzag object containing pivots      properties (PatternProperties) : PatternProperties object      patterns (Pattern ) : Array of Pattern objects   Returns: Current Pattern object PatternProperties   Object containing properties for pattern scanning   Fields:      offset (series int) : Zigzag pivot offset. Set it to 1 for non repainting scan.      numberOfPivots (series int) : Number of pivots to be used in pattern search. Can be either 5 or 6      errorRatio (series float) : Error Threshold to be considered for comparing the slope of lines      flatRatio (series float) : Retracement ratio threshold used to determine if the lines are flat      checkBarRatio (series bool) : Also check bar ratio are within the limits while scanning the patterns      barRatioLimit (series float) : Bar ratio limit used for checking the bars. Used only when checkBarRatio is set to true      avoidOverlap (series bool)      patternLineWidth (series int) : Line width of the pattern trend lines      showZigzag (series bool) : show zigzag associated with pattern      zigzagLineWidth (series int) : line width of the zigzag lines. Used only when showZigzag is set to true      zigzagLineColor (series color) : color of the zigzag lines. Used only when showZigzag is set to true      showPatternLabel (series bool) : display pattern label containing the name      patternLabelSize (series string) : size of the pattern label. Used only when showPatternLabel is set to true      showPivotLabels (series bool) : Display pivot labels of the patterns marking 1-6      pivotLabelSize (series string) : size of the pivot label. Used only when showPivotLabels is set to true      pivotLabelColor (series color) : color of the pivot label outline. chart.bg_color or chart.fg_color are the appropriate values.      allowedPatterns (bool ) : array of bool encoding the allowed pattern types.      themeColors (color ) : color array of themes to be used. Pattern   Object containing Individual Pattern data   Fields:      pivots (Pivot type from Trendoscope/ZigzagLite/2) : array of Zigzag Pivot points      trendLine1 (Line type from Trendoscope/LineWrapper/1) : First trend line joining pivots 1, 3, 5      trendLine2 (Line type from Trendoscope/LineWrapper/1) : Second trend line joining pivots 2, 4 (, 6)      properties (PatternProperties) : PatternProperties Object carrying common properties      patternColor (series color) : Individual pattern color. Lines and labels will be using this color.      ratioDiff (series float) : Difference between trendLine1 and trendLine2 ratios      zigzagLine (series polyline) : Internal zigzag line drawing Object      pivotLabels (label ) : array containning Pivot labels      patternLabel (series label) : pattern label Object      patternType (series int) : integer representing the pattern type      patternName (series string) : Type of pattern in string
Biblioteka Pine Script™
od Trendoscope
15
LineWrapperLibrary "LineWrapper" Wrapper Type for Line. Useful when you want to store the line details without drawing them. Can also be used in scnearios where you collect lines to be drawn and draw together towards the end. method draw(this)   draws line as per the wrapper object contents   Namespace types: Line   Parameters:      this (Line) : (series Line) Line object.   Returns: current Line object method draw(this)   draws lines as per the wrapper object array   Namespace types: Line   Parameters:      this (Line ) : (series array) Array of Line object.   Returns: current Array of Line objects method update(this)   updates or redraws line as per the wrapper object contents   Namespace types: Line   Parameters:      this (Line) : (series Line) Line object.   Returns: current Line object method update(this)   updates or redraws lines as per the wrapper object array   Namespace types: Line   Parameters:      this (Line ) : (series array) Array of Line object.   Returns: current Array of Line objects method delete(this)   Deletes the underlying line drawing object   Namespace types: Line   Parameters:      this (Line) : (series Line) Line object.   Returns: Current Line object method get_price(this, bar)   get line price based on bar   Namespace types: Line   Parameters:      this (Line) : (series Line) Line object.      bar (int) : (series/int) bar at which line price need to be calculated   Returns: line price at given bar. Line   Line Wrapper object   Fields:      p1 (chart.point)      p2 (chart.point)      xloc (series string) : (series string) See description of x1 argument. Possible values: xloc.bar_index and xloc.bar_time. Default is xloc.bar_index.      extend (series string) : (series string) If extend=extend.none, draws segment starting at point (x1, y1) and ending at point (x2, y2). If extend is equal to extend.right or extend.left, draws a ray starting at point (x1, y1) or (x2, y2), respectively. If extend=extend.both, draws a straight line that goes through these points. Default value is extend.none.      color (series color) : (series color) Line color.      style (series string) : (series string) Line style. Possible values: line.style_solid, line.style_dotted, line.style_dashed, line.style_arrow_left, line.style_arrow_right, line.style_arrow_both.      width (series int) : (series int) Line width in pixels.      obj (series line) : line object
Biblioteka Pine Script™
od Trendoscope
ZigzagLiteLibrary "ZigzagLite" Lighter version of the Zigzag Library. Without indicators and sub-component divisions method getPrices(pivots)   Gets the array of prices from array of Pivots   Namespace types: Pivot   Parameters:      pivots (Pivot ) : array array of Pivot objects   Returns: array array of pivot prices method getBars(pivots)   Gets the array of bars from array of Pivots   Namespace types: Pivot   Parameters:      pivots (Pivot ) : array array of Pivot objects   Returns: array array of pivot bar indices method getPoints(pivots)   Gets the array of chart.point from array of Pivots   Namespace types: Pivot   Parameters:      pivots (Pivot ) : array array of Pivot objects   Returns: array array of pivot points method getPoints(this)   Namespace types: Zigzag   Parameters:      this (Zigzag) method calculate(this, ohlc, ltfHighTime, ltfLowTime)   Calculate zigzag based on input values and indicator values   Namespace types: Zigzag   Parameters:      this (Zigzag) : Zigzag object      ohlc (float ) : Array containing OHLC values. Can also have custom values for which zigzag to be calculated      ltfHighTime (int) : Used for multi timeframe zigzags when called within request.security. Default value is current timeframe open time.      ltfLowTime (int) : Used for multi timeframe zigzags when called within request.security. Default value is current timeframe open time.   Returns: current Zigzag object method calculate(this)   Calculate zigzag based on properties embedded within Zigzag object   Namespace types: Zigzag   Parameters:      this (Zigzag) : Zigzag object   Returns: current Zigzag object method nextlevel(this)   Namespace types: Zigzag   Parameters:      this (Zigzag) method clear(this)   Clears zigzag drawings array   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing ) : array   Returns: void method clear(this)   Clears zigzag drawings array   Namespace types: ZigzagDrawingPL   Parameters:      this (ZigzagDrawingPL ) : array   Returns: void method drawplain(this)   draws fresh zigzag based on properties embedded in ZigzagDrawing object without trying to calculate   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing) : ZigzagDrawing object   Returns: ZigzagDrawing object method drawplain(this)   draws fresh zigzag based on properties embedded in ZigzagDrawingPL object without trying to calculate   Namespace types: ZigzagDrawingPL   Parameters:      this (ZigzagDrawingPL) : ZigzagDrawingPL object   Returns: ZigzagDrawingPL object method drawfresh(this, ohlc)   draws fresh zigzag based on properties embedded in ZigzagDrawing object   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing) : ZigzagDrawing object      ohlc (float ) : values on which the zigzag needs to be calculated and drawn. If not set will use regular OHLC   Returns: ZigzagDrawing object method drawcontinuous(this, ohlc)   draws zigzag based on the zigzagmatrix input   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing) : ZigzagDrawing object      ohlc (float ) : values on which the zigzag needs to be calculated and drawn. If not set will use regular OHLC   Returns: PivotCandle   PivotCandle represents data of the candle which forms either pivot High or pivot low or both   Fields:      _high (series float) : High price of candle forming the pivot      _low (series float) : Low price of candle forming the pivot      length (series int) : Pivot length      pHighBar (series int) : represents number of bar back the pivot High occurred.      pLowBar (series int) : represents number of bar back the pivot Low occurred.      pHigh (series float) : Pivot High Price      pLow (series float) : Pivot Low Price Pivot   Pivot refers to zigzag pivot. Each pivot can contain various data   Fields:      point (chart.point) : pivot point coordinates      dir (series int) : direction of the pivot. Valid values are 1, -1, 2, -2      level (series int) : is used for multi level zigzags. For single level, it will always be 0      ratio (series float) : Price Ratio based on previous two pivots      sizeRatio (series float) ZigzagFlags   Flags required for drawing zigzag. Only used internally in zigzag calculation. Should not set the values explicitly   Fields:      newPivot (series bool) : true if the calculation resulted in new pivot      doublePivot (series bool) : true if the calculation resulted in two pivots on same bar      updateLastPivot (series bool) : true if new pivot calculated replaces the old one. Zigzag   Zigzag object which contains whole zigzag calculation parameters and pivots   Fields:      length (series int) : Zigzag length. Default value is 5      numberOfPivots (series int) : max number of pivots to hold in the calculation. Default value is 20      offset (series int) : Bar offset to be considered for calculation of zigzag. Default is 0 - which means calculation is done based on the latest bar.      level (series int) : Zigzag calculation level - used in multi level recursive zigzags      zigzagPivots (Pivot ) : array which holds the last n pivots calculated.      flags (ZigzagFlags) : ZigzagFlags object which is required for continuous drawing of zigzag lines. ZigzagObject   Zigzag Drawing Object   Fields:      zigzagLine (series line) : Line joining two pivots      zigzagLabel (series label) : Label which can be used for drawing the values, ratios, directions etc. ZigzagProperties   Object which holds properties of zigzag drawing. To be used along with ZigzagDrawing   Fields:      lineColor (series color) : Zigzag line color. Default is color.blue      lineWidth (series int) : Zigzag line width. Default is 1      lineStyle (series string) : Zigzag line style. Default is line.style_solid.      showLabel (series bool) : If set, the drawing will show labels on each pivot. Default is false      textColor (series color) : Text color of the labels. Only applicable if showLabel is set to true.      maxObjects (series int) : Max number of zigzag lines to display. Default is 300      xloc (series string) : Time/Bar reference to be used for zigzag drawing. Default is Time - xloc.bar_time.      curved (series bool) : Boolean field to print curved zigzag - used only with polyline implementation ZigzagDrawing   Object which holds complete zigzag drawing objects and properties.   Fields:      zigzag (Zigzag) : Zigzag object which holds the calculations.      properties (ZigzagProperties) : ZigzagProperties object which is used for setting the display styles of zigzag      drawings (ZigzagObject ) : array which contains lines and labels of zigzag drawing. ZigzagDrawingPL   Object which holds complete zigzag drawing objects and properties - polyline version   Fields:      zigzag (Zigzag) : Zigzag object which holds the calculations.      properties (ZigzagProperties) : ZigzagProperties object which is used for setting the display styles of zigzag      zigzagLabels (label )      zigzagLine (series polyline) : polyline object of zigzag lines
Biblioteka Pine Script™
od Trendoscope
6
Multi-Timeframe Recursive Zigzag [Trendoscope®]🎲 Welcome to the Advanced World of Zigzag Analysis Embark on a journey through the most comprehensive and feature-rich Zigzag implementation you’ll ever encounter. Our Multi-Timeframe Recursive Zigzag Indicator is not just another tool; it's a groundbreaking advancement in technical analysis. 🎯 Key Features Multi Time-Frame Support - One of the rare open-source Zigzag indicators with robust multi-timeframe capabilities, this feature sets our tool apart, enabling a broader and more dynamic market analysis. Innovative Recursive Zigzag Algorithm - At its core is our unique Recursive Zigzag Algorithm, a pioneering development that powers multiple Zigzag levels, offering an intricate view of market movements. This proprietary algorithm is the backbone of our advanced pattern recognition indicators. Sub-Waves and Micro-Waves Analysis - Dive deeper into market trends with our Sub-Waves and Micro-Waves feature. Sub-Waves reveal the interconnectedness of various Zigzag levels, while Micro-Waves offer insight into the fundamental waves at the base level. Enhanced Indicator Tracking - Integrate and track your custom indicators or oscillators with the zigzag, capturing their values at each Zigzag level, complete with retracement ratios. This offers a comprehensive view of market dynamics. Curved Zigzag Visualization - Experience a new way of visualizing market movements with our Curved Zigzag Display, employing Pine Script’s polyline feature for a more intuitive and visually appealing representation. Built-in Customizable Alerts - Stay ahead with built-in alerts that can be customized via user input settings. 🎯 Practical Applications Our Zigzag Indicator is designed with an understanding of its inherent nature - the last unconfirmed pivot that consistently repaints. This characteristic, while by design, directs its usage more towards pattern recognition rather than direct identification of market tops and bottoms. Here's how you can leverage the Zigzag Indicator: Harmonic Patterns - Ideal for those familiar with harmonic patterns, this tool simplifies the manual spotting of complex XABCD, ABC, and ABCD patterns on charts. Chart Patterns - Effortlessly identify patterns like Double/Triple Taps, Head and Shoulders, Inverse Head and Shoulders, and Cup and Handle patterns with enhanced clarity. Navigate through challenging patterns such as Triangles, Wedges, Flags, and Price Channels, where the Zigzag Indicator adds a layer of precision to your breakout strategy. Elliott Wave Components - The indicator's detailed pivot highlighting aids in identifying key Elliott Wave components, enhancing your wave analysis and decision-making process. 🎲 Deep Dive into Indicator Features Join us as we explore the intricate features of our indicator in more detail. 🎯 Multi-Timeframe Capability Our indicator comes equipped with an input option for selecting the desired resolution. This unique feature allows users to view higher timeframe Zigzag patterns directly on their lower timeframe charts. 🎯 Recursive Multi Level Zigzag Our advanced recursive approach creates multi-level Zigzags from lower-level data. For instance, the level 0 Zigzag forms the base, calculated from specified length and depth parameters, while level 1 Zigzag is derived using level 0 as its foundation, and so forth. The indicator not only displays multiple Zigzag levels but also offers settings to emphasize specific levels for more detailed analysis. 🎯 Sub-Components and Micro-Components of Zigzag Wave Sub-components within a Zigzag wave consist of the previous level's Zigzag pivots. Meanwhile, the micro-components are composed of the base level (Level 0) Zigzag pivots encapsulated within the wave. 🎯 Curved Zigzag Experience a new perspective with our curved Zigzag display. This innovative feature utilizes the polyline curved option to automatically generate sinusoidal waves based on multiple points. 🎯 Indicator Tracking Default indicators such as RSI, MFI, and OBV are included, alongside the ability to track one external indicator at each Zigzag pivot. 🎯 Customizable Alerts Our indicator employs the `alert()` function for alert creation. While this means the absence of a customization text box in the alert settings, we've included a custom text area for users to create their own alert templates. Template placeholders include: {alertType} - type of alert. Either Confirmed Pivot Update or Last Pivot Update. Depends on the alert type selected in the inputs. When Last Pivot Update type is selected, the alerts are triggered whenever there is a new Zigzag Pivot. This may also be a repaint of last unconfirmed pivot. When Confirmed Pivot Update type is selected, the alerts are triggered only when a pivot becomes a confirmed pivot. {level} - Zigzag level on which the alert is triggered. {pivot} - Details of the last pivot or confirmed pivot including price, ratio, indicator values and ratios, subcomponent and micro-component pivots. 🎲 User Settings Overview 🎯 Zigzag and Generic Settings This involves some generic zigzag calculation settings such as length, depth, and timeframe. And few display options such as theme, Highlight Level and Curved Zigzag. By default, zigzag calculation is done based on the latest real time bar. An option is provided to disable this and use only confirmed bars for the calculation. Indicator Settings Allows users to track one or more oscillators or volume indicators. Option to add any indicator via external input is provided. 🎯 Alert Settings Has input fields required to select and customize alerts.
Wskaźnik Pine Script™
od Trendoscope
22
arraysLibrary "arraymethods" Supplementary array methods. delete(arr, index)   remove int object from array of integers at specific index   Parameters:      arr : int array      index : index at which int object need to be removed   Returns: void delete(arr, index)   remove float object from array of float at specific index   Parameters:      arr : float array      index : index at which float object need to be removed   Returns: float delete(arr, index)   remove bool object from array of bool at specific index   Parameters:      arr : bool array      index : index at which bool object need to be removed   Returns: bool delete(arr, index)   remove string object from array of string at specific index   Parameters:      arr : string array      index : index at which string object need to be removed   Returns: string delete(arr, index)   remove color object from array of color at specific index   Parameters:      arr : color array      index : index at which color object need to be removed   Returns: color delete(arr, index)   remove line object from array of lines at specific index and deletes the line   Parameters:      arr : line array      index : index at which line object need to be removed and deleted   Returns: void delete(arr, index)   remove label object from array of labels at specific index and deletes the label   Parameters:      arr : label array      index : index at which label object need to be removed and deleted   Returns: void delete(arr, index)   remove box object from array of boxes at specific index and deletes the box   Parameters:      arr : box array      index : index at which box object need to be removed and deleted   Returns: void delete(arr, index)   remove table object from array of tables at specific index and deletes the table   Parameters:      arr : table array      index : index at which table object need to be removed and deleted   Returns: void delete(arr, index)   remove linefill object from array of linefills at specific index and deletes the linefill   Parameters:      arr : linefill array      index : index at which linefill object need to be removed and deleted   Returns: void popr(arr)   remove last int object from array   Parameters:      arr : int array   Returns: int popr(arr)   remove last float object from array   Parameters:      arr : float array   Returns: float popr(arr)   remove last bool object from array   Parameters:      arr : bool array   Returns: bool popr(arr)   remove last string object from array   Parameters:      arr : string array   Returns: string popr(arr)   remove last color object from array   Parameters:      arr : color array   Returns: color popr(arr)   remove and delete last line object from array   Parameters:      arr : line array   Returns: void popr(arr)   remove and delete last label object from array   Parameters:      arr : label array   Returns: void popr(arr)   remove and delete last box object from array   Parameters:      arr : box array   Returns: void popr(arr)   remove and delete last table object from array   Parameters:      arr : table array   Returns: void popr(arr)   remove and delete last linefill object from array   Parameters:      arr : linefill array   Returns: void shiftr(arr)   remove first int object from array   Parameters:      arr : int array   Returns: int shiftr(arr)   remove first float object from array   Parameters:      arr : float array   Returns: float shiftr(arr)   remove first bool object from array   Parameters:      arr : bool array   Returns: bool shiftr(arr)   remove first string object from array   Parameters:      arr : string array   Returns: string shiftr(arr)   remove first color object from array   Parameters:      arr : color array   Returns: color shiftr(arr)   remove and delete first line object from array   Parameters:      arr : line array   Returns: void shiftr(arr)   remove and delete first label object from array   Parameters:      arr : label array   Returns: void shiftr(arr)   remove and delete first box object from array   Parameters:      arr : box array   Returns: void shiftr(arr)   remove and delete first table object from array   Parameters:      arr : table array   Returns: void shiftr(arr)   remove and delete first linefill object from array   Parameters:      arr : linefill array   Returns: void push(arr, val, maxItems)   add int to the end of an array with max items cap. Objects are removed from start to maintain max items cap   Parameters:      arr : int array      val : int object to be pushed      maxItems : max number of items array can hold   Returns: int push(arr, val, maxItems)   add float to the end of an array with max items cap. Objects are removed from start to maintain max items cap   Parameters:      arr : float array      val : float object to be pushed      maxItems : max number of items array can hold   Returns: float push(arr, val, maxItems)   add bool to the end of an array with max items cap. Objects are removed from start to maintain max items cap   Parameters:      arr : bool array      val : bool object to be pushed      maxItems : max number of items array can hold   Returns: bool push(arr, val, maxItems)   add string to the end of an array with max items cap. Objects are removed from start to maintain max items cap   Parameters:      arr : string array      val : string object to be pushed      maxItems : max number of items array can hold   Returns: string push(arr, val, maxItems)   add color to the end of an array with max items cap. Objects are removed from start to maintain max items cap   Parameters:      arr : color array      val : color object to be pushed      maxItems : max number of items array can hold   Returns: color push(arr, val, maxItems)   add line to the end of an array with max items cap. Objects are removed and deleted from start to maintain max items cap   Parameters:      arr : line array      val : line object to be pushed      maxItems : max number of items array can hold   Returns: line push(arr, val, maxItems)   add label to the end of an array with max items cap. Objects are removed and deleted from start to maintain max items cap   Parameters:      arr : label array      val : label object to be pushed      maxItems : max number of items array can hold   Returns: label push(arr, val, maxItems)   add box to the end of an array with max items cap. Objects are removed and deleted from start to maintain max items cap   Parameters:      arr : box array      val : box object to be pushed      maxItems : max number of items array can hold   Returns: box push(arr, val, maxItems)   add table to the end of an array with max items cap. Objects are removed and deleted from start to maintain max items cap   Parameters:      arr : table array      val : table object to be pushed      maxItems : max number of items array can hold   Returns: table push(arr, val, maxItems)   add linefill to the end of an array with max items cap. Objects are removed and deleted from start to maintain max items cap   Parameters:      arr : linefill array      val : linefill object to be pushed      maxItems : max number of items array can hold   Returns: linefill unshift(arr, val, maxItems)   add int to the beginning of an array with max items cap. Objects are removed from end to maintain max items cap   Parameters:      arr : int array      val : int object to be unshift      maxItems : max number of items array can hold   Returns: int unshift(arr, val, maxItems)   add float to the beginning of an array with max items cap. Objects are removed from end to maintain max items cap   Parameters:      arr : float array      val : float object to be unshift      maxItems : max number of items array can hold   Returns: float unshift(arr, val, maxItems)   add bool to the beginning of an array with max items cap. Objects are removed from end to maintain max items cap   Parameters:      arr : bool array      val : bool object to be unshift      maxItems : max number of items array can hold   Returns: bool unshift(arr, val, maxItems)   add string to the beginning of an array with max items cap. Objects are removed from end to maintain max items cap   Parameters:      arr : string array      val : string object to be unshift      maxItems : max number of items array can hold   Returns: string unshift(arr, val, maxItems)   add color to the beginning of an array with max items cap. Objects are removed from end to maintain max items cap   Parameters:      arr : color array      val : color object to be unshift      maxItems : max number of items array can hold   Returns: color unshift(arr, val, maxItems)   add line to the beginning of an array with max items cap. Objects are removed and deleted from end to maintain max items cap   Parameters:      arr : line array      val : line object to be unshift      maxItems : max number of items array can hold   Returns: line unshift(arr, val, maxItems)   add label to the beginning of an array with max items cap. Objects are removed and deleted from end to maintain max items cap   Parameters:      arr : label array      val : label object to be unshift      maxItems : max number of items array can hold   Returns: label unshift(arr, val, maxItems)   add box to the beginning of an array with max items cap. Objects are removed and deleted from end to maintain max items cap   Parameters:      arr : box array      val : box object to be unshift      maxItems : max number of items array can hold   Returns: box unshift(arr, val, maxItems)   add table to the beginning of an array with max items cap. Objects are removed and deleted from end to maintain max items cap   Parameters:      arr : table array      val : table object to be unshift      maxItems : max number of items array can hold   Returns: table unshift(arr, val, maxItems)   add linefill to the beginning of an array with max items cap. Objects are removed and deleted from end to maintain max items cap   Parameters:      arr : linefill array      val : linefill object to be unshift      maxItems : max number of items array can hold   Returns: linefill flush(arr)   remove all int objects in an array   Parameters:      arr : int array   Returns: int flush(arr)   remove all float objects in an array   Parameters:      arr : float array   Returns: float flush(arr)   remove all bool objects in an array   Parameters:      arr : bool array   Returns: bool flush(arr)   remove all string objects in an array   Parameters:      arr : string array   Returns: string flush(arr)   remove all color objects in an array   Parameters:      arr : color array   Returns: color flush(arr)   remove and delete all line objects in an array   Parameters:      arr : line array   Returns: line flush(arr)   remove and delete all label objects in an array   Parameters:      arr : label array   Returns: label flush(arr)   remove and delete all box objects in an array   Parameters:      arr : box array   Returns: box flush(arr)   remove and delete all table objects in an array   Parameters:      arr : table array   Returns: table flush(arr)   remove and delete all linefill objects in an array   Parameters:      arr : linefill array   Returns: linefill
Biblioteka Pine Script™
od Trendoscope
ZigzagLibrary "Zigzag" Zigzag related user defined types. Depends on DrawingTypes library for basic types method tostring(this, sortKeys, sortOrder, includeKeys)   Converts ZigzagTypes/Pivot object to string representation   Namespace types: Pivot   Parameters:      this (Pivot) : ZigzagTypes/Pivot      sortKeys (bool) : If set to true, string output is sorted by keys.      sortOrder (int) : Applicable only if sortKeys is set to true. Positive number will sort them in ascending order whreas negative numer will sort them in descending order. Passing 0 will not sort the keys      includeKeys (string ) : Array of string containing selective keys. Optional parmaeter. If not provided, all the keys are considered   Returns: string representation of ZigzagTypes/Pivot method tostring(this, sortKeys, sortOrder, includeKeys)   Converts Array of Pivot objects to string representation   Namespace types: Pivot   Parameters:      this (Pivot ) : Pivot object array      sortKeys (bool) : If set to true, string output is sorted by keys.      sortOrder (int) : Applicable only if sortKeys is set to true. Positive number will sort them in ascending order whreas negative numer will sort them in descending order. Passing 0 will not sort the keys      includeKeys (string ) : Array of string containing selective keys. Optional parmaeter. If not provided, all the keys are considered   Returns: string representation of Pivot object array method tostring(this)   Converts ZigzagFlags object to string representation   Namespace types: ZigzagFlags   Parameters:      this (ZigzagFlags) : ZigzagFlags object   Returns: string representation of ZigzagFlags method tostring(this, sortKeys, sortOrder, includeKeys)   Converts ZigzagTypes/Zigzag object to string representation   Namespace types: Zigzag   Parameters:      this (Zigzag) : ZigzagTypes/Zigzagobject      sortKeys (bool) : If set to true, string output is sorted by keys.      sortOrder (int) : Applicable only if sortKeys is set to true. Positive number will sort them in ascending order whreas negative numer will sort them in descending order. Passing 0 will not sort the keys      includeKeys (string ) : Array of string containing selective keys. Optional parmaeter. If not provided, all the keys are considered   Returns: string representation of ZigzagTypes/Zigzag method calculate(this, ohlc, indicators, indicatorNames)   Calculate zigzag based on input values and indicator values   Namespace types: Zigzag   Parameters:      this (Zigzag) : Zigzag object      ohlc (float ) : Array containing OHLC values. Can also have custom values for which zigzag to be calculated      indicators (matrix) : Array of indicator values      indicatorNames (string ) : Array of indicator names for which values are present. Size of indicators array should be equal to that of indicatorNames   Returns: current Zigzag object method calculate(this)   Calculate zigzag based on properties embedded within Zigzag object   Namespace types: Zigzag   Parameters:      this (Zigzag) : Zigzag object   Returns: current Zigzag object method nextlevel(this)   Calculate Next Level Zigzag based on the current calculated zigzag object   Namespace types: Zigzag   Parameters:      this (Zigzag) : Zigzag object   Returns: Next Level Zigzag object method clear(this)   Clears zigzag drawings array   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing ) : array   Returns: void method drawplain(this)   draws fresh zigzag based on properties embedded in ZigzagDrawing object without trying to calculate   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing) : ZigzagDrawing object   Returns: ZigzagDrawing object method drawfresh(this, ohlc, indicators, indicatorNames)   draws fresh zigzag based on properties embedded in ZigzagDrawing object   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing) : ZigzagDrawing object      ohlc (float ) : values on which the zigzag needs to be calculated and drawn. If not set will use regular OHLC      indicators (matrix) : Array of indicator values      indicatorNames (string ) : Array of indicator names for which values are present. Size of indicators array should be equal to that of indicatorNames   Returns: ZigzagDrawing object method drawcontinuous(this, ohlc, indicators, indicatorNames)   draws zigzag based on the zigzagmatrix input   Namespace types: ZigzagDrawing   Parameters:      this (ZigzagDrawing) : ZigzagDrawing object      ohlc (float ) : values on which the zigzag needs to be calculated and drawn. If not set will use regular OHLC      indicators (matrix) : Array of indicator values      indicatorNames (string ) : Array of indicator names for which values are present. Size of indicators array should be equal to that of indicatorNames   Returns: method getPrices(pivots)   Namespace types: Pivot   Parameters:      pivots (Pivot ) method getBars(pivots)   Namespace types: Pivot   Parameters:      pivots (Pivot ) Indicator   Indicator is collection of indicator values applied on high, low and close   Fields:      indicatorHigh (series float) : Indicator Value applied on High      indicatorLow (series float) : Indicator Value applied on Low PivotCandle   PivotCandle represents data of the candle which forms either pivot High or pivot low or both   Fields:      _high (series float) : High price of candle forming the pivot      _low (series float) : Low price of candle forming the pivot      length (series int) : Pivot length      pHighBar (series int) : represents number of bar back the pivot High occurred.      pLowBar (series int) : represents number of bar back the pivot Low occurred.      pHigh (series float) : Pivot High Price      pLow (series float) : Pivot Low Price      indicators (Indicator ) : Array of Indicators - allows to add multiple Pivot   Pivot refers to zigzag pivot. Each pivot can contain various data   Fields:      point (chart.point) : pivot point coordinates      dir (series int) : direction of the pivot. Valid values are 1, -1, 2, -2      level (series int) : is used for multi level zigzags. For single level, it will always be 0      componentIndex (series int) : is the lower level zigzag array index for given pivot. Used only in multi level Zigzag Pivots      subComponents (series int) : is the number of sub waves per each zigzag wave. Only applicable for multi level zigzags      microComponents (series int) : is the number of base zigzag components in a zigzag wave      ratio (series float) : Price Ratio based on previous two pivots      sizeRatio (series float)      subPivots (Pivot )      indicatorNames (string ) : Names of the indicators applied on zigzag      indicatorValues (float ) : Values of the indicators applied on zigzag      indicatorRatios (float ) : Ratios of the indicators applied on zigzag based on previous 2 pivots ZigzagFlags   Flags required for drawing zigzag. Only used internally in zigzag calculation. Should not set the values explicitly   Fields:      newPivot (series bool) : true if the calculation resulted in new pivot      doublePivot (series bool) : true if the calculation resulted in two pivots on same bar      updateLastPivot (series bool) : true if new pivot calculated replaces the old one. Zigzag   Zigzag object which contains whole zigzag calculation parameters and pivots   Fields:      length (series int) : Zigzag length. Default value is 5      numberOfPivots (series int) : max number of pivots to hold in the calculation. Default value is 20      offset (series int) : Bar offset to be considered for calculation of zigzag. Default is 0 - which means calculation is done based on the latest bar.      level (series int) : Zigzag calculation level - used in multi level recursive zigzags      zigzagPivots (Pivot ) : array which holds the last n pivots calculated.      flags (ZigzagFlags) : ZigzagFlags object which is required for continuous drawing of zigzag lines. ZigzagObject   Zigzag Drawing Object   Fields:      zigzagLine (series line) : Line joining two pivots      zigzagLabel (series label) : Label which can be used for drawing the values, ratios, directions etc. ZigzagProperties   Object which holds properties of zigzag drawing. To be used along with ZigzagDrawing   Fields:      lineColor (series color) : Zigzag line color. Default is color.blue      lineWidth (series int) : Zigzag line width. Default is 1      lineStyle (series string) : Zigzag line style. Default is line.style_solid.      showLabel (series bool) : If set, the drawing will show labels on each pivot. Default is false      textColor (series color) : Text color of the labels. Only applicable if showLabel is set to true.      maxObjects (series int) : Max number of zigzag lines to display. Default is 300      xloc (series string) : Time/Bar reference to be used for zigzag drawing. Default is Time - xloc.bar_time. ZigzagDrawing   Object which holds complete zigzag drawing objects and properties.   Fields:      zigzag (Zigzag) : Zigzag object which holds the calculations.      properties (ZigzagProperties) : ZigzagProperties object which is used for setting the display styles of zigzag      drawings (ZigzagObject ) : array which contains lines and labels of zigzag drawing.
Biblioteka Pine Script™
od Trendoscope
6
Zigzag Tails [Trendoscope®] 🎲 Introducing Zigzag Tails Indicator by Trendoscope. The Zigzag Tails Indicator, a groundbreaking tool from Trendoscope, redefines technical analysis by seamlessly integrating anchored VWAPs (Volume Weighted Average Prices) and Average Price calculations with Zigzag pivot points. This advanced indicator recalculates Average Price or VWAP from one Zigzag pivot to the next, offering unparalleled insights into market movements. 🎯 Innovative Design Each Zigzag pivot can feature up to three distinct tails, corresponding to the high, low, and close prices of each candle. Users have the flexibility to select between Average Price and VWAP for display on their charts. By default, the indicator plots all three tails, but individual tail visibility is customizable via the settings panel. Average Price Mode: When selected, tails depict the average price across a specified number of bars. VWAP Mode: In this mode, tails represent the VWAP, calculated for a given price over a set number of bars. 🎯 Dynamic Dotted Tail The Zigzag Tails Indicator features dotted tails that extend from the last Zigzag pivot to the current bar. These dotted tails dynamically adapt to market changes and are subject to repainting with the emergence of new Zigzag pivots. When repainting is enabled, the dotted tails originate from the last unconfirmed Zigzag pivot, extending to the current bar. This setting offers a more immediate, albeit tentative, visual representation of market trends. With repainting disabled, the dotted tails will be anchored from the last confirmed Zigzag pivot to the current bar, providing a more stable but slightly delayed market analysis. Irrespective of the repaint option, the dotted dynamic tails is always expected to repaint. 🎯 Practical Applications The Zigzag Tails Indicator provides more accurate support and resistance levels than traditional VWAP, rolling VWAP, or moving averages. Its precision makes it an invaluable tool for identifying trends, as well as potential trend continuations or reversals. 🛠 Indicator Settings Zigzag Configuration: Zigzag Length determines the loopback length for the foundational Zigzag calculation. Number of Bars represent the calculation distance. This limitation is added to avoid runtime errors on lower timeframes. The calculations run through lots of loops. Hence, if it is run across too many bars, we may get timeout issues. Repaint: Activating this will also display the last, unconfirmed Zigzag pivot. Since the last pivot is inherently tentative, it may repaint with the arrival of new bars. A pivot is confirmed only when a subsequent unconfirmed pivot emerges on the chart. Tail Configuration Tail Type: Choose between average and VWAP for the tail calculation. The average option plots a simple average, while the VWAP option calculates an anchored VWAP from pivot to pivot. Display Options: Tailored display options for High, Low, Close prices, with customizable colors for each tail type. Inspired by the ideas of @KioseffTrading's implementation of Zigzag Anchored VWAP
Wskaźnik Pine Script™
od Trendoscope
11
Divergence Indicator [Trendoscope®]🎲 New Divergence Indicator by Trendoscope Our latest Divergence Indicator revolutionizes the way traders identify market trends and potential reversals. Built upon the robust foundation of the Zigzag Trend Divergence Detector and inline with our recent implementation of the Divergence Goggles indicator, this tool is designed to be intuitive yet powerful, making it an essential addition to any trader's toolkit. We received several queries on extending the Divergence Goggles to last N bars instead of using an interactive widget. Though it is possible, we thought the better approach is to enable the indicator to use any oscillator and trend indicator in order to define the divergence. 🎯 Key Features Flexible Oscillator Integration : Choose from a wide range of built-in oscillators or import your own, including options like the innovative Multiband Oscillator. This versatility extends to using volume indicators like OBV for divergence calculations, broadening the scope of analysis. Trend Identification Versatility : Utilize built-in methods like Zigzag and MA Difference, or integrate external trend indicators. Our system adapts to various methods, ensuring you have the right tools for precise trend identification. Customizable Zigzag Sensitivity : Adjust the Zigzag based on your chosen oscillator's sensitivity to ensure divergence lines are accurate and visually coherent. Repainting vs. Delayed Signals : Tailor the indicator to your strategy by choosing between immediate repainting signals and slightly delayed but more stable signals. 🎯 Understanding Divergence: Key Rules Bullish Divergence Happens only in downtrend Observed on Pivot Lows Price makes lower low whereas oscillator makes higher low, indicating weakness and possible reversal Bearish Divergence Happens only in uptrend Observed on Pivot Highs Price makes higher high whereas oscillator makes lower high, indicating weakness and possible reversal Bullish Hidden Divergence Happens only in uptrend Observed on Pivot Lows Price makes higher low, whereas indicator makes lower low due to price consolidation. In bullish trend, this is considered as bullish as the price gets a breather and get ready to surge further. Bearish Hidden Divergence Happens only in downtrend Observed on Pivot Highs Price makes lower high whereas oscillator makes higher high due to price consolidation. In bearish trend, this is considered as bearish as the price gets a breather and get ready to fall further. 🎯 Visual Insights: Divergence and Hidden Divergence For a clearer understanding, refer to our visual guides: 🎲 Using the Divergence Indicator: A Step-by-Step Guide 🎯 Step 1 - Selecting the Oscillator Customize your analysis by choosing from a variety of oscillators or importing your preferred one. Options are available to select a range of built-in oscillators and the loopback length. However, if the oscillator that user want to use is not in the list, they can simply load the oscillator from the indicator library and use it as an external signal. In our current example, we are using a custom oscillator called - Multiband Oscillator This also means, the indicator option is not limited to oscillators. Users can even make use of volume indicators such as OBV for the calculation of divergence. 🎯 Step 2 - Choosing the Trend Identification Method Select from our built-in methods or integrate an external indicator to accurately identify market trends. Trend is one of the key parameters of divergence type identification. Trend can be identified mathematically by various methods. Some of them are as simple as above or below 200 moving average and some can follow trend based indicators such as supertrend and others can be very complex. To cater for a wider audience, here too we have provided the option to use an external trend indicator. The simple condition for the external trend indicator is that it should return positive value for uptrend and negative value for downtrend. Other than that, we also have 2 built in trend identification methods. Zigzag - The trend is defined by the starting pivot of divergence line. If the starting pivot is Higher High or Higher Low, then it is considered uptrend. And if the starting pivot is either Lower Low or Lower High, then we consider it as downtrend. MA Difference - In this case, the difference between the moving average of pivots joining the divergence line will determine the trend. It is considered uptrend if the moving average increased from starting pivot to ending pivot of the divergence line, and it is considered downtrend if the moving average decreased from starting pivot to the ending pivot of the divergence line. 🎯 Step 3 - Adjusting Zigzag Sensitivity Fine-tune the Zigzag to match the oscillator's sensitivity, ensuring divergence lines are accurate and visually coherent. 🎯 Step 4 - Managing Repainting Understand the implications of repainting in the last pivot of the Zigzag and choose between immediate or delayed signals based on your trading strategy. The last pivot of the zigzag repaint by design. This is not necessarily a bad thing. Users can just choose not to use the last pivot, but instead use the last but one for all the calculations. But, this also means, the signals will be delayed. Indicator provides option to use repainting signal vs delayed signal. If you select the repaint option, the signals are shown immediately as and when they occur. But, there is a possibility that these signals change when the new price candles change zigzag pivot. If you chose not to select the repaint option, then the divergence signals may lag by a few bars.
Wskaźnik Pine Script™
od Trendoscope
32
RSI-Divergence Goggles [Trendoscope®]🎲 Introducing the RSI-Divergence Goggle 🎯 Revolutionizing Divergence Analysis in Trading While the concept of divergence plays a crucial role in technical analysis, existing indicators in the community library have faced limitations, particularly in simultaneously displaying divergence lines on both price and oscillator graphs. This challenge stems from the fact that RSI and other oscillators are typically plotted in a separate pane from the price chart. Traditional Pine Script® indicators are confined to a single pane, thus restricting comprehensive divergence analysis. 🎯 Our Innovative Solution: RSI on the Price Pane The RSI-Divergence Goggle breaks through these limitations. Our innovative approach involves plotting the RSI directly onto the price pane within a movable and resizable widget. This groundbreaking feature allows for the simultaneous drawing of zigzag patterns on both price and the oscillator, enabling the effective calculation and visualization of divergence lines on both. 🎯 The Foundation: Our Divergence Research and Rules Our journey into divergence research began three years ago with the launch of the "Zigzag Trend Divergence Detector." The foundational rules established with this script remain pertinent and form the basis of all our subsequent divergence-based indicators. 🎯 Understanding Divergence: Key Concepts Divergence Varieties : We identify two main types - Bullish Divergence (and its hidden counterpart) occurs at pivot lows, while Bearish Divergence (and its hidden version) appears at pivot highs. Contextual Occurrence : Bullish divergence is a phenomenon of downtrends, whereas bearish divergence is unique to uptrend. Conversely, hidden bullish divergence arises in uptrends, and hidden bearish divergence in downtrends. Oscillator Behavior : In standard divergence scenarios, the oscillator lags behind price, signaling potential reversals. In hidden divergence cases, the oscillator leads, suggesting trend continuation. 🎯 Visual Insights: Divergence and Hidden Divergence For a clearer understanding, refer to our visual guides: 🎯 A Word of Caution While divergence is a powerful tool, it's not a standalone guarantee of trend reversals or continuations. We recommend using these patterns in conjunction with support and resistance levels, as demonstrated in our "Divergence Based Support Resistance" implementation. 🎯 Using the RSI-Divergence Goggles Upon applying the indicator to your chart, you'll be prompted to select two corner points, defining the widget's placement and size. This widget is the stage for your RSI plotting and divergence calculations. Choose these points carefully to ensure they encompass your area of interest without overlapping important price bars. An example as below. 🎯 Innovative Features: Plotting RSI: RSI values are scaled from 0 to 100 within the widget. This unique plotting may not align with individual bar values, but pivot labels and tooltips provide detailed RSI and retracement ratio information. Zigzag and Pivots: Our adjusted RSI plots determine the zigzag pivot highs and lows, which may not always correspond with visible price pivots. However, calculations based on close prices ensure minimal deviation. Divergence Display: Divergence types are identified following our established rules, with a simple moving average employed to discern the prevailing trend. 🎯 Trend Detection Mechanism A simple moving average is used as base for determining the trend. If the difference between moving averages of the alternate pivots is positive, then the sentiment is considered to be uptrend. Else, we consider the sentiment to be in downtrend. This is a simple method to identify trend, implemented via this indicator. The indicator does not provide alternative methods to identify trend. This is something that we can explore in the future. 🎯 Interactive and Customizable The RSI-Divergence Goggle isn't just a static tool; it's an interactive feature on your chart. You can move or resize the widget, allowing for dynamic analysis and focused study on different chart segments.
Wskaźnik Pine Script™
od Trendoscope
33
Oscillator Volume Profile [Trendoscope®]The Oscillator Volume Profile indicator is designed to construct a volume profile based on predefined oscillator levels. It integrates volume data with oscillator readings to offer a unique perspective on market dynamics. 🎲 Selectable Oscillators: Users can select from an array of oscillator options for the basis of the volume profile, including: Relative Strength Index (RSI) Chande Momentum Oscillator (CMO) Center of Gravity (COG) Money Flow Index (MFI) Rate of Change (ROC) Commodity Channel Index (CCI) Stochastic Oscillator (Stoch) True Strength Index (TSI) Williams %R (WPR) The length parameters - Length, Fast Length, Slow Length allows users to define the period over which the chosen oscillator is calculated, tailoring the sensitivity of the indicator to their trading strategy. 🎲 Dynamic Overbought/Oversold Ranges: This indicator enhances traditional concepts by introducing dynamic overbought and oversold levels. These adaptable thresholds are calculated using various methods, including: 🎯 Highest/Lowest Range Method : This method establishes the range based on the highest and lowest values of the oscillator within the last N bars. 🎯 Moving Average Range Method : The range is derived from a moving average of the oscillator, providing a smoothed threshold that reflects more recent market conditions. In addition to these methods, the indicator incorporates a unique 'Sticky Border' feature: 🎯 Sticky Border: With this option enabled, the dynamic ranges maintain their levels until the oscillator breaks out of the range. Once a breakout occurs, the levels are recalculated and updated. This mechanism ensures that the borders remain consistent and relevant, only adjusting to significant market movements that warrant a recalculation. Users can select their preferred method for determining dynamic ranges, allowing for a customized approach that aligns with their analysis and trading strategy. The sticky border feature further refines this functionality, offering continuity until a decisive market move occurs. 🎲 Volume Profile Calculation Parameters: 🎯 Trend Filter: The indicator provides a versatile trend filter with four selectable options: Uptrend: The volume profile is calculated when the oscillator indicates an uptrend. Downtrend: The volume profile is calculated when the oscillator indicates a downtrend. Any: The volume profile is calculated regardless of the trend. External: Users can input values from an external indicator. The volume profile is then calculated only when the external indicator's value is non-zero, integrating external analysis into the volume profile construction. 🎯 Precision: Users have the option to define the precision for calculating the volume profile, which is crucial due to the varying scales of different oscillators (e.g., some oscillators range from 0 to 100, while others from -1 to 1). Selecting an appropriate precision ensures that the volume profile is accurately aligned with the minimal price range significant to the chosen oscillator. This setting requires user intervention for optimal configuration, as automatic calculation is not feasible due to the diverse nature of oscillator ranges. 🎯 Number of Bars: Users can select a specific number of bars for volume profile calculation, or opt to include all available historical bars for a comprehensive profile. 🎲 Selecting the right precision: Users must select the right precision based on their choice of indicator. For example, RSI values range from 0-100. Hence, the default precision of 1 work fine on RSI as the volume profiles are plotted from 0 to 100 at the interval of 0.1 But, the default precision of 1 will not be ok on TSI because TSI values range from -1 to 1. Hence, using 1 as precision will result in very less volume profile lines as shown below. Due to this, it is necessary to increase the precision for oscillators such as TSI where the range between highest and lowest value is far less. Once we set the precision to 2, we can see more appropriate volume profile division. 🎲 Note of thanks: This publication uses polyline feature for drawing volume profiles. The advantage of using polyline is that we can overcome max 500 lines issue that we face by using the regular line objects. More details of polyline can be found in the tradingview blog post Further, using polyline for display of volume profiles is inspired by the publications of fikira and KioseffTrading
Wskaźnik Pine Script™
od Trendoscope
9
Volume Spike Analysis [Trendoscope]The Volume Spike Analysis is designed to detect volume spikes in a trading instrument's data. Rather than relying on the traditional method of comparing volume to its moving average, this indicator employs a distinctive approach to ensure accuracy. Methodology Historical Volume Comparison: The indicator first assesses the current bar's volume, say 100k, and looks back historically to determine the last instance when the volume was equal to or exceeded this level. High Volume Bar Gap Calculation: The intervals or gaps between high volume bars are recorded. These gaps help in determining how common or rare a particular volume spike is. Spike Magnitude Determination: Here, the extent of the volume spike is gauged in relation to either the median, lowest, or average volume of the intervening bars. The reference metric (median, lowest, or average) can be chosen by the user through the "Volume Spike Reference" input parameter. Spike Percentile Analysis: The calculated spike magnitude (as a percentage of the reference volume) is cataloged. This collection aids in understanding the relative intensity of the current volume spike when compared to previous spikes. Threshold Comparisons: The indicator then compares the calculated "High Volume Distance Percentile" to the "Last High Volume Distance Percentile" and the "Volume Spike Percentile" to the "Volume Spike Threshold". If these values surpass the preset thresholds, the current bar is flagged as a high volume or volume spike bar. Visual Components Bar Highlighting : High volume or volume spike bars are accentuated with bright colors for easy identification. All other bars have increased transparency to reduce visual clutter. Distance from the High Volume Bar: Indication of the number of bars since the last high volume occurrence and its respective percentile. Comparative Factors: A factor representing the magnitude by which the current volume surpasses the lowest, median, and average volumes. Lowest, Median and Average Volumes: The lowest and median volumes are indicated by tooltips on lines marking the respective bars. The average volume is depicted as a dotted horizontal line, with a triangle marker tooltip revealing its value. This indicator offers a nuanced analysis of volume spikes, aiding traders in making more informed decisions.
Wskaźnik Pine Script™
od Trendoscope
16
ABC on Recursive Zigzag [Trendoscope]There are several implementations of ABC pattern in tradingview and pine script. However, we have made this indicator to provide users additional quantifiable information along with flexibility to experiment and develop their own strategy based on the patterns. 🎲 Highlights of this indicator over other ABC implementations are: Implementation is based on recursive multi level zigzag allows bigger as well as smaller patterns to be identified Allows users to set their trading rules with respect to entry, target and stop ratios, experiment and build their own strategy based on the ABC pattern. Back test summary including win ratio and risk reward will help users understand the profitability based on different settings being used. 🎲 Concept of ABC Pattern The ABC pattern, also known as the "Corrective Wave" or "Zigzag Pattern," is a fundamental concept in Elliott Wave Theory, which is widely used in technical analysis to identify and predict price movements in financial markets. The ABC pattern is a three-wave corrective pattern that typically occurs within the context of a larger impulse or trending wave. It consists of two smaller waves in the opposite direction (A and C) separated by a corrective wave (B). These waves are labeled alphabetically and represent price movements. Wave A (Impulse Wave): Wave A is the first leg of the ABC pattern and is characterized by a strong price move in the opposite direction of the prevailing trend. It is often driven by a fundamental or sentiment-driven event that temporarily disrupts the trend. Wave B (Corrective Wave): Wave B is the corrective wave that follows Wave A. It represents a partial retracement of Wave A's price movement. Wave B can take various forms, such as a simple correction or a complex correction (e.g., a triangle or a flat correction). It typically doesn't retrace the entire length of Wave A. Wave C (Impulse Wave): Wave C is the final leg of the ABC pattern and is characterized by a strong price move in the same direction as the prevailing trend. It often surpasses the starting point of Wave A and confirms the resumption of the larger trend. 🎲 Indicator Components Upon loading the indicator on the chart, we can observe the following components on the chart. Pattern Drawings is the graphical representation of present patterns. Please note that it is not necessary for patterns to be there on the chart all the time. Patterns will appear on the chart when price makes the patterns. Trade Box is the box representing trade signals of the pattern. These trade levels are generated based on the user settings. Summary Table is the back test summary containing details of historical pattern performance including Win Ratio and Risk Reward. 🎲 Indicator Settings Details of each user settings are provided in the tooltips. Below is the snapshot of it. 🎲 Alerts Basic level of alerts are built in the script using alert function to highlight the following conditions: New ABC Pattern Updates to existing Pattern Both conditions will alert simple text messages. There is not much customization provided as part of this indicator. We will consider providing more options in future versions based on the interest and demand shown by users.
Wskaźnik Pine Script™
od Trendoscope
60
Historical Pattern Matcher [Trendoscope]Do you believe in patterns and think price movements are more likely to follow historical patterns? If yes, this is an indicator for you. 🎲 Concept The patterns in this script are not a named or known pattern. But, it can be any pattern that happen to repeat again and again over a period of time. The indicator collects the following information over a period of time. Collects all possible patterns for specified number of pivots based on relation between each pivot prices. (Default 6) Keeps track of all the possible patterns for the given pivots and number of occurrences of such patterns over a period of time. Collects the movement of next pivot (in terms of retracement ratio) after the pattern has formed for each occurrence. Keeps track of the last occurrence of each pattern collected And the indicator presents on chart following information Current Pattern drawing based on last confirmed pivot. Current Pattern drawing based on current unconfirmed pivot in the opposite direction. Projection range based on historical retracement ratio for both patterns Detailed info on last occurrence and overall occurrences. Last occurrence of both confirmed and unconfirmed pivot patterns. Please note that, if the patterns have not been repeated over a period, then it will not be shown on the screen. Hence, it is perfectly normal to not see any projection. This can happen when the current pattern has not been repeated any time before. 🎲 Details When you load the indicator on the chart, you may see the following patterns and projections. You may also notice, in the pattern details, information about the last occurrence of the pattern. If you scroll on your chart to the left to the given data and time, you can observe how the past occurrence of the pattern has formed and the price movement past that point. For example, last occurrence of pattern based on confirmed pivot happened on 02-Jun-2023 00:00 UTC time And last occurrence of pattern based on unconfirmed pivot happened on 27-Apr-2023 22:00 UTC time 🎲 Settings Settings are minimal, and here is the meaning of them. Most important setting here is the number of pivots forming the pattern. 🎲 Caution The indicator is designed to present the projection based on historical occurrences of similar price pattern. This does not necessarily mean the patterns are supposed to be bullish or bearish. But, it will certainly give users an idea of what happened when similar price action presented historically. Note to developers This script makes use of new pine script feature - maps
Wskaźnik Pine Script™
od Trendoscope
23
PercentX Trend Follower [Trendoscope]"Trendoscope" was born from our trading journey, where we first delved into the world of trend-following methods. Over time, we discovered the captivating allure of pattern analysis and the exciting challenges it presented, drawing us into exploring new horizons. However, our dedication to trend-following methodologies remains steadfast and continues to be an integral part of our core philosophy. Here we are, introducing another effective trend-following methodology, employing straightforward yet powerful techniques. 🎲 Concepts Introducing the innovative PercentX Oscillator , a representation of Bollinger PercentB and Keltner Percent K. This powerful tool offers users the flexibility to customize their PercentK oscillator, including options for the type of moving average and length. The Oscillator Range is derived dynamically, utilizing two lengths - inner and outer. The inner length initiates the calculation of the oscillator's highest and lowest range, while the outer length is used for further calculations, involving either a moving average or the opposite side of the highest/lowest range, to obtain the oscillator ranges. Next, the Oscillator Boundaries are derived by applying another round of high/low or moving average calculations on the oscillator range values. Breakouts occur when the close price crosses above the upper boundary or below the lower boundary, signaling potential trading opportunities. 🎲 How to trade a breakout? To reduce false signals, we employ a simple yet effective approach. Instead of executing market trades, we use stop orders on both sides at a certain distance from the current close price. In case of an upper side breakout, a long stop order is placed at 1XATR above the close, and a short stop order is placed at 2XATR below the close. Conversely, for a lower side breakout, a short stop order is placed at 1XATR below the close, and a long stop order is placed at 2XATR above the ATR. As a trend following method, our first inclination is to trade on the side of breakout and not to find the reversals. Hence, higher multiplier is used for the direction opposite to the breakout. The script provides users with the option to specify ATR multipliers for both sides. Once a trade is initiated, the opposite side of the trade is converted into a stop-loss order. In the event of a breakout, the script will either place new long and short stop orders (if no existing trade is present) or update the stop-loss orders if a trade is currently running. As a trend-following strategy, this script does not rely on specific targets or target levels. The objective is to run the trade as long as possible to generate profits. The trade is only stopped when the stop-loss is triggered, which is updated with every breakout to secure potential gains and minimize risks. 🎲 Default trade parameters Script uses 10% equity per trade and up to 4 pyramid orders. Hence, the maximum invested amount at a time is 40% of the equity. Due to this, the comparison between buy and hold does not show a clear picture for the trade. Feel free to explore and optimize the parameters further for your favorite symbols. 🎲 Visual representation The blue line represents the PercentX Oscillator, orange and lime colored lines represent oscillator ranges. And red/green lines represent oscillator boundaries. Oscillator spikes upon breakout are highlighted with color fills.
Strategia Pine Script™
od Trendoscope
13
Auto Harmonic Pattern - Screener [Trendoscope]At Trendoscope, we take pride in offering a wide range of indicators on Harmonic Patterns, including both free and premium options. While we have successfully developed various advanced tools, we recognize that creating a Harmonic Pattern screener is an audacious endeavor that few have ventured into. Creating a harmonic pattern screener presents a formidable challenge. The intricate nature of the algorithm, coupled with the limitations of cloud-based processing and platform memory, makes it exceedingly difficult to implement the screener functionality without encountering runtime errors. Today marks a historic achievement as we overcome numerous challenges to unveil our groundbreaking harmonic pattern-based screener. This significant leap signifies our commitment to innovation in the field. Without further delay, let's dive right into the new Auto Harmonic Pattern - Screener algorithm 🎲 Features Overview 🎯 Primary Functionality We prefer not to categorize this as a traditional indicator, as it goes beyond that scope. Instead, it's a unique amalgamation of both a screener and an indicator, designed to achieve primarily two essential functions. Firstly, it efficiently scans multiple tickers, up to 20, for harmonic pattern formations and presents them on a user-friendly dashboard Secondly, it provides harmonic pattern drawings on the chart, but only if the current chart ticker is part of the screener and exhibits a harmonic pattern formation. 🎯 Secondary Features In addition to its primary functionalities, our revolutionary algorithm offers an array of secondary features that cater to traders' diverse needs Users have the privilege of accessing enhanced settings, providing limitless customization options for the zigzag and pattern detection algorithm The platform empowers traders to effortlessly customize stop entry target ratios, facilitating automatic calculations and display of suggestions The freedom to personalize the visualization and display of patterns and dashboard ensures a seamless and intuitive user experience And finally, the algorithm leaves no stone unturned, keeping traders well-informed through timely alerts on every bar, highlighting tickers exhibiting Harmonic Pattern formations. 🎯 Limitations Our innovative screener harnesses the power of the recursive zigzag algorithm to deliver efficient and accurate harmonic pattern detections. While the deep search algorithm, present in our other Harmonic Pattern algorithms, offers unparalleled precision, its resource-intensive nature makes it unsuitable for simultaneous scanning of 20 tickers. By focusing on the recursive zigzag approach, we strike the perfect balance between performance and functionality, ensuring seamless scanning across multiple tickers without compromising on accuracy. This strategic decision allows us to deliver a powerful and reliable screener that meets the diverse needs of traders and empowers them with real-time harmonic pattern insights. 🎲 Chart Components Upon loading the indicator and configuring your tickers, our user-friendly interface offers two key components seamlessly integrated into the chart: A color-coded screener dashboard : The dashboard presents a clear visualization of tickers with bullish and bearish harmonic patterns. This intuitive display allows you to quickly identify potential trading opportunities based on pattern formations. Dynamic pattern display : As you interact with the chart, our algorithm dynamically highlights possible harmonic patterns based on the latest zigzag pivots. Please note that patterns may not always be visible on the chart, especially in cases where higher-level zigzags take time to form pivots. However, rest assured that our sophisticated algorithm ensures real-time updates, providing you with accurate and timely harmonic pattern insights. 🎯 Screener Dashboard In our screener dashboard, you will find a wealth of information at your fingertips: Bullish patterns : Tickers exhibiting bullish harmonic patterns are prominently highlighted with a refreshing green background Bearish patterns : Similarly, tickers featuring bearish harmonic patterns stand out with a striking red background Dual patterns : Tickers displaying both bullish and bearish patterns are cleverly highlighted in a captivating purple background, providing a comprehensive view of the harmonic pattern landscape. Tickers without current patterns : Tickers lacking any current patterns are elegantly displayed with a silver background. These tickers do not trigger tooltips, streamlining your focus on actionable pattern-related data. 🎲 Settings in Detail 🎯 Tickers Our platform currently allows users to select up to 20 tickers for the harmonic pattern screener. We understand the importance of flexibility and scalability, and while we are excited to accommodate more tickers in the future, our present focus is to ensure optimal performance within the CPU and memory limitations. Rest assured, we are continuously working on enhancing our capabilities to provide you with an even more comprehensive experience. Stay tuned for updates as we strive to meet your evolving needs. 🎯 Zigzag and Harmonic Pattern In this section, we present a range of essential settings that play a pivotal role in the calculation of the zigzag and the scanning of patterns. These parameters share similarities with other premium indicators associated with Harmonic patterns. These settings serve as building blocks for our advanced algorithms' suite. This include Zigzag length and depth settings for calculation of the multi level recursive zigzag Pattern scanning settings to filter patterns based on preferences of category, pattern name, accuracy of calculation, and other considerations. User preference of pattern trading ratios that are used for calculating entry, stop and target prices. 🎯 Screener Dashboard and Alerts In this section, we introduce the parameters that define the format and content of alerts and the screener dashboard, offering you maximum flexibility in customizing their display. These settings encompass the following key aspects: Screener dashboard position, layout and size that influence the display of screener dashboard. List of parameters that can be shown on dashboard tooltips as well as on alerts. Format of alert and tooltip data 🎯 Pattern Display These are the settings related to pattern display on the chart and to limit calculation to last n bars Will soon make video tutorials on this soon.
Wskaźnik Pine Script™
od Trendoscope
47
Volume Forks [Trendoscope]🎲 Volume Forks - Advanced Price Analysis with Recursive Auto-Pitchfork and Angled Volume Profile The Volume Forks Indicator is a comprehensive research tool that combines two innovative techniques, Recursive Auto-Pitchfork and Angled Volume Profile . This indicator provides traders with valuable insights into price dynamics by integrating accurate pitchfork drawing and volume analysis over angled levels. The indicator does following things Detects Pitchfork formations automatically on the chart over Recursive Zigzag Instead of drawing forks based on fib levels, volume distribution over ABC of pitchfork is calculated and drawn in the direction of the handle. 🎲 Brief about Pitchfork Pitchfork is drawn when price forms ABC pattern. Pitchfork draws a series of parallel lines in the direction of trend which can be used for support and resistance. There are many methods of drawing pitchfork. In all cases, a line joining B​C  will make the base of pitchfork and fork lines are drawn from different points of the base. All the fork lines will be parallel. But, the handle of the base defines the direction of fork lines. Classification of pitchfork is mainly based on the starting and ending points of the handle. 🎲 Regular Types Here, end of the handle is always fixed and it will be the mid point of B and C. 🎯 Andrews Pitchfork Handle starts from A and joins the base at mid of B and C. Forks are drawn based on fib ratios from the handle 🎯 Schiff Pitchfork Handle starts from Bar of A and price of middle of AB and joins the base at mid of B and C Forks are drawn based on fib ratios from the handle 🎯 Modified Schiff Pitchfork Handle starts from mid of A and B and joins the base at mid of B and C Forks are drawn based on fib ratios from the handle 🎲 Inside Types Here, C will act as end of the handle which joins the Base B​C . 🎯 Andrews Pitchfork (Inside) Handle starts from A and joins the base at C Forks are drawn based on fib ratios from the handle 🎯 Schiff Pitchfork (Inside) Handle starts from Bar of A and price of (A+B)/2 and joins the base at C Forks are drawn based on fib ratios from the handle 🎯 Modified Schiff Pitchfork (Inside) Handle starts from mid of A and B and joins the base at C Forks are drawn based on fib ratios from the handle 🎲 Brief about Pitchfork The Angled Volume Profile technique expands on the concept of volume profile by measuring volume distribution levels over angled levels rather than just horizontal levels. By selecting a starting point and angle interactively, traders can assess volume distribution within specific price trends. This feature is particularly useful for analysing volume dynamics in trending markets. 🎲 Settings Indicator settings include few things which determine the scanning of pitchforks and few which determines drawing of volume profile lines. Please note that, due to pine limitations of 500 lines, if there are too many formations on the chart, volume profile may not appear correctly. If that happens, please reduce the number of volume forks per formation.
Wskaźnik Pine Script™
od Trendoscope
19
Recursive Micro Zigzag🎲 Overview Zigzag is basic building block for any pattern recognition algorithm. This indicator is a research-oriented tool that combines the concepts of Micro Zigzag and Recursive Zigzag to facilitate a comprehensive analysis of price patterns. This indicator focuses on deriving zigzag on multiple levels in more efficient and enhanced manner in order to support enhanced pattern recognition. The Recursive Micro Zigzag Indicator utilises the Micro Zigzag as the foundation and applies the Recursive Zigzag technique to derive higher-level zigzags. By integrating these techniques, this indicator enables researchers to analyse price patterns at multiple levels and gain a deeper understanding of market behaviour. 🎲 Concept: Micro Zigzag Base : The indicator utilises the Micro Zigzag concept to capture detailed price movements within each candle. It allows for the visualisation of the sequential price action within the candle, aiding in pattern recognition at a micro level. Basic implementation of micro zigzag can be found in this link - Micro-Zigzag Recursive Zigzag Expansion : Building upon the Micro Zigzag base, the indicator applies the Recursive Zigzag concept to derive higher-level zigzags. Through recursive analysis of the Micro Zigzag's pivots, the indicator uncovers intricate patterns and trends that may not be evident in single-level zigzags. Earlier implementations of recursive zigzag can be found here: Recursive Zigzag Recursive Zigzag - Trendoscope And the libraries rZigzag ZigzagMethods The major differences in this implementation are Micro Zigzag Base - Earlier implementation made use of standard zigzag as base whereas this implementation uses Micro Zigzag as base Not cap on Pivot depth - Earlier implementation was limited by the depth of level 0 zigzag. In this implementation, we are trying to build the recursive algorithm progressively so that there is no cap on the depth of level 0 zigzag. But, if we go for higher levels, there is chance of program timing out due to pine limitations. These algorithms are useful in automatically spotting patterns on the chart including Harmonic Patterns, Chart Patterns, Elliot Waves and many more.
Wskaźnik Pine Script™
od Trendoscope
10
Consolidation Range Tracker[Trendoscope]🎲 Introducing Consolidation Range Tracker: Visualising Price Consolidation after Impulsive Moves ConsolidationRangeTracker is an innovative indicator designed to assist traders in identifying and tracking price consolidation zones following impulsive market moves. This indicator is built on Auto Motive Wave indicator and Interactive Motive Wave indicator. This is also an attempt to plot Wyckoff Distribution pattern. But, instead of implying the price movement after consolidation, we are just leaving it to the interpretation of the users. 🎲 Process Find impulse wave using the methods defined in Auto Motive Wave indicator and Interactive Motive Wave indicator Define the range of consolidation based on predefined ratio (available as input settings) Track the price movement within range along with number of bars and cumulative volume. When price breaks out of the range, check if price ranged long enough to consider it as consolidation. Retain the drawings and visualisation if the consolidation is confirmed before the breakout. Or else, remove them from the chart to keep it clean. Overall output can be visualised as Note : Patterns will not be there on the chart every time. It is normal for indicator not to show any drawings or patterns on the chart. 🎲 Stages of the Indicator 🎯 When an Impulse is formed When an impulse wave is detected, wave is drawn on the chart along with details such as number of bars and volume spawning the impulse wave and the calculated range based on the input value. An alert of new impulse is also triggered if configured for alerts. 🎯 When an Impulse is updated When price extends further without consolidating, the impulse wave is also updated to consider the latest values. This repaint is expected and as designed. We will also trigger an alert related to update of an impulse wave. 🎯 Update of range as and when it happens Range is not bound and it keeps moving based on the highest and lowest price. Value of range is constant and it is calculated based on certain ratio of impulse as configured in settings. But, this range can move up and down based on which direction the price moves. For example, this is the initial range when the impulse wave is formed. But, after certain bars, we can see that the range shift slightly up because, price has more upward movement than downward. No alerts are triggered during this phase. 🎯 Confirmed consolidation Consolidation range is confirmed after price range through certain bars with respect to number of bars involved in the impulse wave. The default setting of 1 for range bar ratio means that range is confirmed when price ranges for same number of bars as that of impulse. An alert is triggered when consolidation range is confirmed. 🎯 Breakout Breakout happen if the price exceeds the range bracket. Breakout may happen either before or after confirmation of consolidation. In either case, an alert is triggered. Patterns are removed from the chart if the consolidation is not confirmed. In other words, the price did not stay in range for long time. 🎲 Settings Simple settings to define the zigzag base and few pattern related configuration. 🎲 Alerts Alerts are configured using alert function and are triggered in following scenarios. A new impulse created An impulse wave is updated Consolidation range confirmed Breakout with/without confirmed consolidation. 🎲 Use Cases Indicator can be used for identifying few types of patterns on the chart. But, they may involve user's discretion. Major patterns that can be identified are: 🎯 Flag Formation Consolidation after an impulse can be termed as flag and is a sign of trend continuation after consolidation. 🎯 Wyckoff Distribution Long consolidation with high volume after an impulse can be a sign of wyckoff distribution formation. This pattern is trend reversal pattern.
Wskaźnik Pine Script™
od Trendoscope
14
Auto Motive Wave [Trendoscope]Earlier we created an interactive script to study Motive Waves by manually selecting the wave patterns on the chart. You can find the open source script here: In this indicator, we will try to do it automatically. Hence, you don't need to draw the waves manually to check anymore. The indicator will do it for you. 🎲 Conditions for Motive Wave Rules for Motive Waves remain same as before. Motive wave can be either Impulse or Diagonal Wave. Diagonal wave can be either expanding or contracting diagonals. To learn more about diagonal waves, please go through this idea. 🎲 Rules for generic motive waves are as below Pivots in order - Checks wether the pivots selected are in progressive order. Directions in order - Checks if the pivot directions are correct - either PH, PL, PH, PL, PH, PL or PL, PH, PL, PH, PL, PH Wave 2 never moves beyond the start of wave 1 - Wave 2 retracement is less than 100% of wave1 Wave 3 always moves beyond the end of wave 1 - Wave 3 retracement is more than 100% of wave2 Wave 3 is never the shortest one - Checks if Wave 3 is bigger than either Wave 1 or wave 5 or both. 🎲 Now, these are the specific rules for Impulse Waves on top of Motive Wave conditions Wave 4 never moves beyond the end of Wave 1 - meaning wave 1 and wave 4 never overlap on price scale. Wave 1, 3, 5 are all not extended. We check for retracement ratios of more than 200% to be considered as extended wave. 🎲 Below are the conditions for Diagonal Waves on top of Motive Wave conditions Wave4 never moves beyond the start of Wave 3 - Wave 4 retracement is less than 100% Wave 4 always ends within the price territory of Wave 1 - Unlike impulse wave, wave 4 intersects with wave 1 in case of diagonal waves. This is the major difference between impulse and diagonal wave. Waves are progressively expanding or contracting - Wave1 > Wave3 > Wave5 and Wave2 > Wave4 to be contracting diagonal. Wave1 < Wave3 < Wave5 and Wave2 < Wave4 to be expanding diagonal wave. Settings are for the indicator include option to select zigzag length, theme color, and few constraints about the waves to be scanned. You can use the tooltips to find more about them
Wskaźnik Pine Script™
od Trendoscope
40
Interactive Motive Wave ChecklistHere is an interactive tool that can be used for learning a bit about Elliott Waves 🎲 How it works? The script upon load asks users to enter 6 pivots in an order. Once all 6 pivots are selected on the interactive chart, the script will calculate if the structure is a valid motive wave. When you load the script, you will see a prompt on the chart to select points on the chart to form 6 pivots. When you select the 6 pivots, the checklists are populated on the chart to notify users which conditions for qualifying the selection has passed and which of them are failed. 🎲 Conditions for Motive Wave Motive wave can be either Impulse or Diagonal Wave. Diagonal wave can be either expanding or contracting diagonals. To learn more about diagonal waves, please go through this idea. Rules for generic motive waves are as below Pivots in order - Checks wether the pivots selected are in progressive order. Directions in order - Checks if the pivot directions are correct - either PH, PL, PH, PL, PH, PL or PL, PH, PL, PH, PL, PH Wave 2 never moves beyond the start of wave 1 - Wave 2 retracement is less than 100% of wave1 Wave 3 always moves beyond the end of wave 1 - Wave 3 retracement is more than 100% of wave2 Wave 3 is never the shortest one - Checks if Wave 3 is bigger than either Wave 1 or wave 5 or both. Now, these are the specific rules for Impulse Waves on top of Motive Wave conditions Wave 4 never moves beyond the end of Wave 1 - meaning wave 1 and wave 4 never overlap on price scale. Wave 1, 3, 5 are all not extended. We check for retracement ratios of more than 200% to be considered as extended wave. Below are the conditions for Diagonal Waves on top of Motive Wave conditions Wave4 never moves beyond the start of Wave 3 - Wave 4 retracement is less than 100% Wave 4 always ends within the price territory of Wave 1 - Unlike impulse wave, wave 4 intersects with wave 1 in case of diagonal waves. This is the major difference between impulse and diagonal wave. Waves are progressively expanding or contracting - Wave1 > Wave3 > Wave5 and Wave2 > Wave4 to be contracting diagonal. Wave1 < Wave3 < Wave5 and Wave2 < Wave4 to be expanding diagonal wave. Here is an example of diagonal wave projection Here is an example of impulse wave projection
Wskaźnik Pine Script™
od Trendoscope
25
cphelperLibrary "cphelper" ACPU helper library - for private use. Not so meaningful for others. calculate_rr(targetArray, rrArray, breakevenOnTarget1)   calculates risk reward for given targets   Parameters:      targetArray (float ) : array of targets      rrArray (float ) : array of risk reward      breakevenOnTarget1 (simple bool) : option to breakeven   Returns: array rrArray trendPairs(l1StartX, l1StartY, l1EndX, l1EndY, l2StartX, l2StartY, l2EndX, l2EndY, zgColor)   creates trendline pairs   Parameters:      l1StartX (int) : startX of first line      l1StartY (float) : startY of first line      l1EndX (int) : endX of first line      l1EndY (float) : endY of first line      l2StartX (int) : startX of second line      l2StartY (float) : startY of second line      l2EndX (int) : endX of second line      l2EndY (float) : endY of second line      zgColor (color) : line color   Returns: find_type(l1t, l2t, channelThreshold)   Finds type based on trendline pairs   Parameters:      l1t (line) : line1      l2t (line) : line2      channelThreshold (simple float) : theshold for channel identification   Returns: pattern type and flags getFlags(flags)   Flatten flags   Parameters:      flags (bool ) : array of flags   Returns: - flattened flags isChannel, isTriangle, isWedge, isExpanding, isContracting, isFlat, isRising, isFalling getType(typeNum)   Get type based on type number   Parameters:      typeNum (int) : number representing type   Returns: String value of type getStatus(status, maxStatus)   Get status based on integer value representations   Parameters:      status (int) : integer representing current status      maxStatus (int) : integer representing max status   Returns: String status value calculate_simple_targets(trendLines, settingsMatrix, patternTypeMapping, patternType)   Calculate targets based on trend lines   Parameters:      trendLines (line ) : trendline pair array      settingsMatrix (matrix) : matrix containing settings      patternTypeMapping (string ) : array containing pattern type mapping      patternType (int) : pattern type   Returns: arrays containing long and short calculated targets recalculate_position(patternTypeAndStatusMatrix, targetMatrix, index, pIndex, status, maxStatus, targetValue, stopValue, dir, breakevenOnTarget1)   Recalculate position values   Parameters:      patternTypeAndStatusMatrix (matrix) : matrix containing pattern type and status      targetMatrix (matrix) : matrix containing targets      index (int) : current index      pIndex (int) : pattern index      status (int) : current status      maxStatus (int) : max status reached      targetValue (float) : current target value      stopValue (float) : current stop value      dir (int) : direction      breakevenOnTarget1 (simple bool) : flag to breakeven upon target1   Returns: new status and maxStatus values draw_targets(longTargets, shortTargets, index, labelColor, patternName, positionIndex, longMaxStatus, longStatus, shortMaxStatus, shortStatus, tempBoxes, tempLines, tempLabels)   Draw targets on chart   Parameters:      longTargets (matrix) : matrix containing long targets      shortTargets (matrix) : matrix containing short targets      index (int) : current index      labelColor (color) : color of lines and labels      patternName (string) : Pattern name      positionIndex (int) : position on the chart      longMaxStatus (int) : max status for long      longStatus (int) : long status value      shortMaxStatus (int) : max status for short      shortStatus (int) : short status value      tempBoxes (box ) : temporary box array      tempLines (line ) : temporary lines array      tempLabels (label ) : temporary labels array   Returns: void populate_open_stats(patternIdArray, barMatrix, patternTypeAndStatusMatrix, patternColorArray, longTargets, shortTargets, patternRRMatrix, OpenStatPosition, lblSizeOpenTrades)   Populate open stats table   Parameters:      patternIdArray (int ) : pattern Ids      barMatrix (matrix) : matrix containing bars      patternTypeAndStatusMatrix (matrix) : matrix containing pattern type and status      patternColorArray (color ) : array containing current patter colors      longTargets (matrix) : matrix of long targets      shortTargets (matrix) : matrix of short targets      patternRRMatrix (matrix) : pattern risk reward matrix      OpenStatPosition (simple string) : table position      lblSizeOpenTrades (simple string) : text size   Returns: void draw_pattern_label(trendLines, patternFlagMatrix, patternTypeAndStatusMatrix, patternColorArray, patternFlags, patternLabelArray, zgColor, patternType, drawLabel, clearOldPatterns, safeRepaint, maxPatternsReference)   Parameters:      trendLines (line )      patternFlagMatrix (matrix)      patternTypeAndStatusMatrix (matrix)      patternColorArray (color )      patternFlags (bool )      patternLabelArray (label )      zgColor (color)      patternType (int)      drawLabel (simple bool)      clearOldPatterns (simple bool)      safeRepaint (simple bool)      maxPatternsReference (simple int) populate_closed_stats(patternTypeAndStatusMatrix, bullishCounts, bearishCounts, bullishRetouchCounts, bearishRetouchCounts, bullishSizeMatrix, bearishSizeMatrix, bullishRR, bearishRR, ClosedStatsPosition, lblSizeClosedTrades, showSelectivePatternStats, showPatternStats, showStatsInPercentage)   Parameters:      patternTypeAndStatusMatrix (matrix)      bullishCounts (matrix)      bearishCounts (matrix)      bullishRetouchCounts (matrix)      bearishRetouchCounts (matrix)      bullishSizeMatrix (matrix)      bearishSizeMatrix (matrix)      bullishRR (matrix)      bearishRR (matrix)      ClosedStatsPosition (simple string)      lblSizeClosedTrades (simple string)      showSelectivePatternStats (simple bool)      showPatternStats (simple bool)      showStatsInPercentage (simple bool)
Biblioteka Pine Script™
od Trendoscope