McDonald's Pattern [LuxAlgo]

Tradingview asked, we delivered. This script fits a cubic Bezier curve using tops/bottoms in order to approximate a McDonalds pattern, a popular meme pattern in the crypto trading community.

Traditionally the McDonalds pattern is described by an M pattern with deep retracement (> 50%), forming a McDonalds logo.

Please note that this indicator is a meme & should not be taken seriously. Some aspects of this indicator are not real-time and meant for descriptive analysis alongside other components of this script, in this case, for entertainment purposes. We suggest looking through our other open-source scripts if you’re looking for more serious tools.

🔶 USAGE

The script fits Bezier curves using specific tops/bottoms as control points. When the distance between tops and bottoms values is relatively small, the user can more easily identify the pattern.

A score is shown on the top right of the chart, aiming to return how close the returned pattern is to the original logo.

A regular Mcdonalds pattern would return a red background, while an inverted pattern would return a green one.

🔶 SETTINGS

• Length: Sensitivity of tops/bottoms detection. The method does not make use of pivot points, using rolling maximums/minimums instead.
  
• Use First Bar As Vertex: Use the price and bar index of the last bar as vertex.
  

Release Notes:

Minor changes.