This is my take in Head & Shoulders (regular H&S) The script will wait until a valid point E is found, which means A, C and E are alined
Then it will find the highest point between C - E -> Head (= D), together with the highest point between A - C -> Left Shoulder (= B)
After this, the pattern is drawn, together with a 'trigger' area (E-G - E'-G' ~ 'Right shoulder area') ONLY in this field, when a close is higher than E'-G', the figure will turn green, if lower than E-G, it will turn red, else, it will be blue
Settings:
Date range filtering Here you can filter the patterns by setting the date period (for E)
Pivot Points -> Leftbars - Rightbars
min/max retrace AD -> E Set the retracement for E (retracement A -> D -> E, here between 1.4 & 1.5)
% tolerance [L ~ R shoulder height] Tolerance of Right shoulder height against Left shoulder height 0% (= the same relative height): 85% (-> now close isn't higher than E'-G' -> blue coloured):
min/max % [Left Shoulder ~ Head] Sets the desired B height against D (here B is between 35-45% of D):
width R shoulder = L shoulder + x% Sets the width of Right shoulder against Left shoulder 0% (nothing extra, just the same width as Left shoulder) 100% (Right shoulder area is double as large as the Left shoulder): -70% (Right shoulder area much narrower than Left shoulder):
maximum visible patterns: Set the maximum visible amount of patterns
This script uses one of the latest fantastic Pinescript features: linefill[] and for ... in loop
@fikira, Hello, thank you for your powerful pattern indicator. I am attempting to use your work on Renko charts and I am confused about when the pattern changes color ..... Does turning to GREEN indicate a valid H & S, and therefore a Bearish sentiment ?? thx
PineCoders
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Bjorgum
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Great effort here pal! Keep up the awesome work
fikira
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@Bjorgum, Thanks! I feel so privileged knowing you guys! Deeply honoured!