OPEN-SOURCE SCRIPT
Chart Pattern Strategy - Full Set
Chart Patterns to Include:
Head and Shoulders and Inverse Head and Shoulders
Double Top and Double Bottom
Triangles (Symmetrical, Ascending, and Descending)
Flags and Pennants
Cup and Handle
Rising Wedge and Falling Wedge
Each pattern has specific conditions to be met for it to be valid, and we can confirm entries and exits based on the breakouts from these patterns. This is a complex strategy, but I'll walk you through a basic implementation that can be expanded on further.
Approach:
Pattern Detection: We'll write functions to detect these chart patterns.
Confirmation: We'll confirm entry when a breakout occurs (e.g., price breaks above the resistance for bullish patterns or below support for bearish patterns).
Entry and Exit Logic: We’ll use ATR-based stop-loss and take-profit to manage risk
Head and Shoulders and Inverse Head and Shoulders
Double Top and Double Bottom
Triangles (Symmetrical, Ascending, and Descending)
Flags and Pennants
Cup and Handle
Rising Wedge and Falling Wedge
Each pattern has specific conditions to be met for it to be valid, and we can confirm entries and exits based on the breakouts from these patterns. This is a complex strategy, but I'll walk you through a basic implementation that can be expanded on further.
Approach:
Pattern Detection: We'll write functions to detect these chart patterns.
Confirmation: We'll confirm entry when a breakout occurs (e.g., price breaks above the resistance for bullish patterns or below support for bearish patterns).
Entry and Exit Logic: We’ll use ATR-based stop-loss and take-profit to manage risk
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.