Horns Pattern Identifier [LuxAlgo]

The following script detects regular and inverted horn patterns. Detected patterns are displayed alongside their respective confirmation and take profit levels derived from the pattern measure rule. Breakout of the confirmation levels are highlighted with labels.

This script is a continuation of the educational idea regarding horns patterns.

Settings

• Threshold: Controls the maximum allowed slope of the line connecting two horns, with higher values allowing a higher slope.
  

Usage

Horn patterns are chart patterns introduced by Bulkowski in his book "Encyclopedia of Chart Patterns". We covered this pattern in the following post: Horn Tops & Bottoms Patterns - How To Find and Trade Them

The script allows the user to quickly determine the presence of a regular or inverted horn pattern, alongside automatically displaying the confirmation level and take profits associated with a detected pattern. These are calculated based on the rules described by Bulkowski.

Horn patterns are highlighted by a line connecting the horns, the dotted lines represent the confirmation level, once the price crosses this level a label will appear, either bullish or bearish depending on the detected pattern. The dashed line represents the take profit level.

Versionsinformation:

Minor fix

Versionsinformation:

Minor changes.