When I first developed , I got many requests from users to develop script to automatically detect formation. I thought it would be easy and started boasting everywhere that I am going to attempt this next. However I miserably failed that time and started realising it is not as simple as I thought it would be. I started with in mind. But, ran into issues with loops. Soon figured out that finding and drawing is more trickier. I decided will explore trendline first so that it can help find better. Soon, the project turned into something else and resulted in Auto-TrendLines-HeWhoMustNotBeNamed and left forgotten.
🎯Using predefined ratios
also has predefined fib ratios which we can use to calculate the formation. But, upon initial development, it did not convince me that it matches visual inspection of all the time. Hence, I decided to fall back on finding first.
🎯 Further exploration in finding wedge
This attempt was not too bad. I did not try to jump into and nor I bragged anywhere about attempting anything of this sort. My target this time was to find how to derive . I knew then that if I manage to calculate in efficient way, it can help further in finding . While doing that, ended up deriving Wedge-and-Flag-Finder-Multi-zigzag - which is not a bad outcome. I got few reminders on after this both in comments and in PM.
🎯You never fail until you stop trying!!
After 2 back to back hectic 50hr work weeks + other commitments, I thought I will spend some time on this. Took less than half weekend and here we are. I was surprised how much little time it took in this attempt. But, the plan was running in my subconscious for several weeks or even months. Last two days were just putting these plans into an action.
Now, let's discuss about the script.
concept is simple. Whenever a is formed, draw a line joining 1 and 4 as shown in the chart below:
Converging trendline forms the stop loss whereas line joining 1 and 4 form the profit taking points.
Settings are pretty straightforward. Explained in the chart below.
Updated zigzag library
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