OPEN-SOURCE SCRIPT
Code for Cup With Handle calculations (using Pine)
Cup with Handle formation calculations using Pine.
First of all, ignore all other lines in the example chart except the two FAT lines. The two fat lines are the ones that define the Cup With handle or in the example chart: a Reversed Cup With Handle.
Note: Handle does not always develop and sometimes the final target price is reached without forming any handle.
This script can calculate both Cup With Handle ( CH ) and Reversed Cup With Handle ( RCH ). Just order the input values accordingly.
For more information about Cup With Handle, use google:
google.se/search?q=cup+with+handle+chart+pattern&biw=1858&bih=938&source=lnms&tbm=isch&sa=X&ei=r5VcVZS3JMKhsgHig4DYAg&ved=0CAYQ_AUoAQ
The script need two input parameters: The highest price in the Cup formation and the lowest price in the cup formation or vice versa for the Reversed Cup formation.
Best regards,
/Hull, 2015.05.20.16:31
First of all, ignore all other lines in the example chart except the two FAT lines. The two fat lines are the ones that define the Cup With handle or in the example chart: a Reversed Cup With Handle.
Note: Handle does not always develop and sometimes the final target price is reached without forming any handle.
This script can calculate both Cup With Handle ( CH ) and Reversed Cup With Handle ( RCH ). Just order the input values accordingly.
For more information about Cup With Handle, use google:
google.se/search?q=cup+with+handle+chart+pattern&biw=1858&bih=938&source=lnms&tbm=isch&sa=X&ei=r5VcVZS3JMKhsgHig4DYAg&ved=0CAYQ_AUoAQ
The script need two input parameters: The highest price in the Cup formation and the lowest price in the cup formation or vice versa for the Reversed Cup formation.
Best regards,
/Hull, 2015.05.20.16:31
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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