✋ Experimental script where a diamond shape is created by making 4 lines around each bar which touches the edge of the bar.
𒀸 Example of how it works: Create the left upper line:
A) Calculate middle of the bar
B) Calculate which one is highest -> close or open
'Draw' imaginary line from A to B (A starts 1 bar back)
Adjust height of A by adding 2/3 of the difference between A & B 𒓕 That's it!
𒀸 This technique can be developed further by anyone who's inspired. • For now, I've just added an option where you can extend 2 lines of 1 specific bar 𒓕 Settings ➺ extend lines ➺ toggle on/off ➺ type ➺ which bar back
𒀸 X bars back sets the max bars in history • Since this script uses line.new() , this results in maximum 500 lines to be drawn. Each Diamand Bar contains 4 lines, resulting in maximum 125 Diamond Bars.
A little something to say thank you for your help :)
fikira
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@Daveatt, THANKS! Done with great pleasure mate! 🍀
sigbull0138
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Amazing work. I find it extremely powerful in detect trending as to where it start and stop. Diamond pattern is itself showing potential reversal pattern in my opinion. Thank you!!!
i am your big fan sir but please make a script that can we use for trading this work is absolutly brilliant
A_Traders_Edge
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May I ask...where do you personally see this type of logic leading us. ie. What were your thoughts as to it's use-case when/while creating this?
fikira
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@chasinalts, You may ask 😊 It is a bit of a weird idea isn't it! Experimental is a very important word here, do I think this will have a real-use case in trading, no, probably not. The difference between S/R lines made with open/close or bar edges is often subtle, but you would be surprised hearing, in the past few years, people did ask whether such things were possible. In this regard, yes, it is possible, there is a constant ratio bar/space which can be used (2/3 for 1 bar).
Sometimes people become stimulated when seeing a weird idea, if only 1 person broadens the edges of his/her/their mind or pushes their self to make the 'impossible' possible by seeing this, I would be more than happy!
If not, perhaps some techniques in the script can be interesting, for example the way the 'extend' has been set, or the creating of 'idx' (the bar where lines get extended)
Thank you for asking this, I like very much the way you asked! 👍🏻