- This is not a scanner and it will not scan historical bars for . This needs to be used rather as drawing tool instead.
- Script will not check if selected are correct. It assumes users to know how to select the right XABCD based on high/lows. will have X, B and D as lows and A,C as highs. Similarly patterns will have X, B, D as highs and A, C as lows.
- Script will not check for overflow conditions. For example, if price crosses, XB or BD line, then pattern is considered to be invalid. But, this check cannot be made in this script and we require users to be aware of this condition and select input accordingly.
- Order of inputs should be in ascending order. X should come before A and then, B, C, D and F. This again is users responsibility to select in right order.
What happens after selecting XABCD?
If selected pattern is valid , it will
If it is not valid , then users will see blank XABCD line without any PRZ or filled triangles.
1. When it is valid pattern
2. When it is not valid pattern
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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 a publication is governed by House Rules. You can favorite it to use it on a chart.