The Pro-Patterns strategy is designed to trade classic chart patterns. At present, it identifies the Ascending Triangle patterns and Weekly Inside Bars patterns and takes Long or Short entries, as the case may be.
Ascending Triangle patterns: - The strategy identifies ascending triangle patterns ranging from 40 to 120 days. - BUY signals are generated on the breakout of the horizontal resistance line. No SHORT signal is generated on the breakdown of the rising trend line. - The importance is given to higher lows, instead of attempting to make a perfectly straight rising trend line. Hence, the drawing of the rising trend line is skipped. - The strategy gives BUY signals on continuation as well as reversal patterns. - Users can choose exit rules either on the breakdown of a certain number of days or based on ATR. - The Ascending triangle patterns can be seen on Daily timeframes only.
Weekly Inside Bars - The strategy identifies inside bars on weekly charts with three candles. This means, that Weekly Inside Bars pattern is said to be formed when the current week's candle is inside the previous week and the previous week's candle is inside the week prior to it. - A BUY or SHORT signal is generated next week on breakout or breakdown of high or low of third week’s candle. - The importance is given to a decrease in volume on second & third weeks’ candles. - The strategy gives BUY or SHORT signals on continuation as well as reversal patterns. However, users can choose to see trading signals on continuation patterns only. - Users can choose exit rule on breakdown or breakout of a certain number of weeks in case of BUY & SHORT signals respectively. - The Weekly Inside Bars patterns can be seen on Weekly timeframes only.
The strategy guides you the price level at which to BUY / SHORT and EXIT. It is intended for short to medium-term traders. It is important for the security to close beyond the trigger point for the signal to remain in force.
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> Added a line connecting the lows considered for making the Ascending Triangle pattern > Shortened the code
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Just a little improvement.
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Just changed the security for display in the script's page. No change in the conditions.
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Added Trend Bar on the top. Green signifies Uptrend, Red signifies Downtrend, while Yellow signifies possibility of a probable change in trend.