Pattern Pro VPOC

Dec 21, 2024

Summary:
This indicator combines multi-timeframe pattern detection (triangles and wedges), Volume Point of Control (VPOC) visualization, predictive volume modeling, and a swing-based VWAP. It provides traders with a detailed view of key trading patterns, high-volume levels, and entry/exit opportunities, all integrated into one powerful tool.

How This Script is Unique:

• Multi-Timeframe Pattern Analysis:
  
  Identifies chart patterns like triangles and wedges across multiple timeframes, enhancing the trader's ability to spot actionable opportunities.
  Dynamically tracks pivot points and projected trendlines to visualize ongoing and potential patterns.
  
• Volume Point of Control (VPOC):
  
  Automatically calculates and plots the VPOC for detected patterns, highlighting the price level with the highest traded volume.
  Helps identify strong support/resistance levels within patterns.
  
• Predictive Volume Modeling:
  
  Predicts high-volume trading times based on historical averages, allowing traders to anticipate periods of increased market activity.
  Bars are color-coded to reflect projected volume activity.
  
• Swing-Based VWAP:
  
  Incorporates swing highs and lows into VWAP calculations, making it adaptive to current market conditions.
  Offers a more dynamic view compared to traditional static VWAP indicators.
  
• Trade Management Features:
  
  Visualizes stop-loss (SL) and take-profit (TP) levels directly on the chart.
  Tracks active trades and peak performance, enabling effective trade management.
  
• Customizability:
  
  Offers user-defined settings for timeframe selection, risk management, and volume modeling, making it adaptable to various trading strategies.
  

How to Use:

• Pattern Detection:
  
  The script automatically identifies triangle and wedge patterns. No manual input is needed for detection.
  Patterns are displayed with top and bottom trendlines and the associated VPOC.
  
• Volume Modeling:
  
  Enable "Use Predictive Volume" under the Predictive Volume settings to highlight periods of projected high activity.
  Customize the moving average period and date range for better precision.
  
• Swing-Based VWAP:
  
  Enable "Use VWAP" and configure the anchor period to suit your trading timeframe (e.g., Session, Week, Month).
  The VWAP adapts dynamically to swings for precise insights.
  
• Risk Management:
  
  Adjust initial risk, multiplier, and drawdown limits under Risk Management settings.
  Visual SL and TP boxes make it easy to monitor trade progress.
  
• Alerts:
  
  Enable "Pattern Alert" to receive notifications for detected patterns.
  Use "Trade Alert" to get notified of potential entry opportunities.
  
• Custom Inputs:
  
  Customize "Lookback Bars for VPOC" to define how far back the indicator searches for volume data.
  Modify "Row Size" and "POC Settings" for precise VPOC plotting.
  

Related Links:

• Swing-Based VWAP
• Intraday Predictive High-Volume Activity Sessions

Trade Settings:

• Pattern Timeframe Input:
  Select the timeframe used for detecting patterns (e.g., Chart, 15m, 1H).
  Use: Helps identify patterns specific to the selected timeframe.
  
  
• Bars to Entry:
  Defines the number of bars within which a trade should be entered after a pattern is detected.
  Use: Ensures timely entries based on identified patterns.
  
  
• Plot Peak Profit:
  Toggles the visualization of the peak profit level for trades.
  Use: Helps monitor the maximum potential profit from a trade.
  
  
• Use Close of Candle Above/Below Top/Bottom Line:
  When enabled, the script uses the close of the candle instead of wicks to determine line breakouts.
  Use: Ensures more precise break detection for pattern confirmation.
  

Pattern VPOC Settings:

• Lookback Bars for VPOC:
  Specifies the number of bars to analyze for calculating the Volume Point of Control (VPOC).
  Use: Adjusts the depth of data analyzed for VPOC determination.
  
  
• Row Size:
  Determines the granularity of VPOC calculations. Higher values result in finer divisions.
  Use: Fine-tune VPOC plotting for greater precision.
  
  
• Pattern VPOC Color:
  Sets the color of the VPOC line on the chart.
  Use: Customize chart aesthetics for better visibility.
  
  
• Width:
  Adjusts the thickness of the VPOC line.
  Use: Makes the line more prominent on the chart.
  

Risk Management:

• Initial Risk:
  Specifies the base risk amount for each trade.
  Use: Helps determine the trade size based on risk tolerance.
  
  
• Risk Increment Type:
  Selects whether risk increments are linear or exponential after consecutive losses.
  Use: Adjusts risk dynamically to manage losses effectively.
  
  
• Multiplier:
  Multiplies the risk in exponential mode to calculate the next risk value after a loss.
  Use: Defines the growth factor for exponential risk.
  
  
• Max Drawdown:
  Sets the maximum drawdown value before halting trading.
  Use: Protects against significant capital depletion.
  
  
• Initial Capital:
  Specifies the starting capital for performance calculations.
  Use: Helps measure performance and calculate drawdown percentages.
  

Alert Settings:

• Trade Alert:
  Enables alerts for detected trade setups.
  Use: Keeps the user notified about potential trade opportunities.
  
  
• Pattern Alert:
  Enables alerts for detected patterns.
  Use: Provides immediate notification when a pattern is identified.
  

Predictive Volume:

• Use Predictive Volume:
  Toggles the predictive volume modeling feature.
  Use: Highlights projected high-volume periods for better timing.
  
  
• Select Timeframe for Predictive Volume:
  Defines the timeframe for predictive volume analysis.
  Use: Allows predictive modeling to align with the user's trading style.
  
  
• MA Average Periods:
  Sets the moving average length for volume prediction.
  Use: Smoother or more responsive predictive models based on user preference.
  
  
• Date Range:
  Specifies the historical range used for volume analysis.
  Use: Limits the scope of volume data for calculations.
  

VWAP Settings:

• Use VWAP:
  Toggles the VWAP calculation and plotting.
  Use: Tracks the average price weighted by volume to find key price levels.
  
  
• Hide VWAP on 1D or Above:
  Hides VWAP plots on daily or higher timeframes.
  Use: Avoids clutter on charts with higher timeframes.
  
  
• Anchor Period:
  Sets the anchor period for VWAP calculation (e.g., Session, Week, Month).
  Use: Aligns VWAP with the selected timeframe.
  
  
• Source:
  Defines the price source for VWAP calculation (default: hlc3).
  Use: Adjusts VWAP based on the preferred price type.
  
  
• Offset:
  Adjusts the VWAP line's placement by the specified number of bars.
  Use: Moves the VWAP line forward or backward for better visual alignment.
  
  
• Swing Size:
  Defines the sensitivity for detecting swing highs and lows in VWAP calculations.
  Use: Refines VWAP calculations to match market swings.
  

Dec 22, 2024

Release Notes

-Alert message updated.

Dec 26, 2024

Release Notes

-new alerts added for trading view to anywhere automation
-predictive volume updated
-back-test date range added