Here is an indicator that I designed that is my version of the head and shoulders pattern. If you like it add it to your chart and see if it works for you.
The white trend lines are there to indicate to you how it more or less works. The green/red line is when the patter has been formed. I struggle to make it an area. If you know how please let me know or do it yourself.
I do hope this can help people and also help you make the right trades.
Please know that Im not a programmer and do this as a hobby.(The programming part) Thank you :D
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Alert has been added.
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Added a few more things. Trying to improve on the indicator. Please share your comments and thought. Thank you.
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New and better alert system. Thanks to K2traders that helped showing me the mistake.
Hope you all enjoy.
Please leave comments and like if you want.
Thanks :)
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Correct update not the previous one.
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Traders, Here is an example of what you can look for, but please do remember that this is still an indicator. It is not an every time trade option with a guarantee win trade. Technical analysis and everything else that goes with trading still applies. Doesnt matter which custom indicator you use.
@NicoTrade001, why does the red or green line appear after 3/4 candles?
InsiderBreakouts
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Trash
ashish408mds
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good evening bro
its very good when we see on chart but backtesting and live market giving signals very very late. can u plz correct these lag
tvchitiyo
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How do I add alert
NicoTrade001
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@tvchitiyo, right click on chart, then click on alert. Make sure that on the first option at the top of the menu you select Head and Shoulders then click on Once per bar close. That is how I do it.
Mustapha_LAZAR
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Please verify the parameters in pivotlow/pivothigh functions, because it is inverted. ph = pivothigh(rightbars, leftbars) pl = pivotlow(rightbars, leftbars) while in the reference it should be like this : pivotlow(leftbars, rightbars) → series
kumaran2688
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look prommising , just want to clarify is this indicator re-painted or fixed ?
Thks in advance
burgercrisis
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@kumaran2688, neither it looks for pivot points which means it has to look to the right of the high point. Its not lag, its confirmation. My advice, learn very basic pine script and back test.
mrgr888n
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This looks too good on the history)) (btcusd 15 min). I will watch it alive from now.