Chart Patterns are a major tool for many traders. Pattern formation at specific location on the chart is used for investment/trading decisions. This indicator is designed in a way to allow investors/traders to define patterns of their choice based on certain input parameters and then detect defined pattern on the chart. Investors/traders can use their own creativity to create and detect custom patterns.
This indicator works in 2 modes:
- Create Pattern: One can define a pattern and verify sample pattern formation visually.
- Detect Pattern: Detect and mark patterns on the chart.
Example:
Pattern Identification:The Custom Pattern Detection Indicator derives the swing high/low points based on the Pivot lookback and use as reference points while detecting patterns.
Use of From Fib% and To Fib% - While detecting pattern, retracement price points are derived for From Fib% and To Fib%. Price points between from Fib% and To Fib% are treated as valid retracement points.
See attached sample pattern. Many custom pattern possibilities are available though.
Availability:Linkback: https://www.forex.zone/tradingview-pine-script-indicators/41/custom-pattern-detection/4568/
