OPEN-SOURCE SCRIPT
Horns Pattern Identifier [LuxAlgo]
Updated
The following script detects regular and inverted horn patterns. Detected patterns are displayed alongside their respective confirmation and take profit levels derived from the pattern measure rule. Breakout of the confirmation levels are highlighted with labels.
This script is a continuation of the educational idea regarding horns patterns.
Settings
Usage
Horn patterns are chart patterns introduced by Bulkowski in his book "Encyclopedia of Chart Patterns". We covered this pattern in the following post: Horn Tops & Bottoms Patterns - How To Find and Trade Them
The script allows the user to quickly determine the presence of a regular or inverted horn pattern, alongside automatically displaying the confirmation level and take profits associated with a detected pattern. These are calculated based on the rules described by Bulkowski.
Horn patterns are highlighted by a line connecting the horns, the dotted lines represent the confirmation level, once the price crosses this level a label will appear, either bullish or bearish depending on the detected pattern. The dashed line represents the take profit level.
This script is a continuation of the educational idea regarding horns patterns.
Settings
- Threshold: Controls the maximum allowed slope of the line connecting two horns, with higher values allowing a higher slope.
Usage
Horn patterns are chart patterns introduced by Bulkowski in his book "Encyclopedia of Chart Patterns". We covered this pattern in the following post: Horn Tops & Bottoms Patterns - How To Find and Trade Them
The script allows the user to quickly determine the presence of a regular or inverted horn pattern, alongside automatically displaying the confirmation level and take profits associated with a detected pattern. These are calculated based on the rules described by Bulkowski.
Horn patterns are highlighted by a line connecting the horns, the dotted lines represent the confirmation level, once the price crosses this level a label will appear, either bullish or bearish depending on the detected pattern. The dashed line represents the take profit level.
Release Notes
Minor fixRelease Notes
Minor changes.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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All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
Join our 150k+ community: discord.gg/lux
All content provided by LuxAlgo is for informational & educational purposes only. Past performance does not guarantee future results.
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.