Bull Flag and Bear Flag Formations for ThinkorSwim

[Buckbull]

lol yes I am a fan of his work . Im a fan of your work as well because of you I able to use the scan. Cant thank you enough.

 

[Buckbull]

@Buckbull You lost me , I understand to do a Bear Flag I take out the Bull flag script stuff but not really sure how much of the script I take out? Sorry

 

[BenTen]

@Buckbull There is no need to remove anything. Take a look at the last portion of the script @tomsk provided. Follow the instruction in there as well.

# Delete (#) the plot not needed

plot Bulltrigger = trend and MacdLow and trigATR and PriceSma;
# plot BearTrigger = TrendBear and MacdHighBear and BtrigATR and BPriceSma ;

The snippet above will scan for bull flag signals. Now, if you want to scan for bear flags, then add "#" in front of plot Bulltrigger and remove the # sign from the plot BearTrigger.

 

[tomsk]

@BenTen Many thanks for the follow up

 

[MBF]

@BenTen What am I doing wrong here?

https://imgur.com/TLCu3bl

 

[markos]

@BenTen What am I doing wrong here?

https://imgur.com/TLCu3bl

@MBF just me pretending to be @BenTen
You may want to try changing the RSI from 1 Hour to 1 Day. Then if nothing, delete the RSI part. Flags don't come around every day...

 

[daredevilxv5]

@BenTen dumb question ? I know how to paste the indicator but how do I plug in the code for watchlist bullflag ken rose

 

[BenTen]

@daredevilxv5 It's under Watchlist > Customize > Custom Quotes. Select one of the option in there and paste the code in. Also, be sure to adjust the timeframe.

 

[Shahrom]

I just added both code to my watchlist and they don’t match. I am not coder but are the parameters different for each code?

@BenTen

 

[BenTen]

@Shahrom Probably because the second version has been updated/modified.

 

[BenTen]

For fans of pure price action patterns. This indicator helps to identify and spot potential wedge patterns on your chart. This was put together by @korygill.

The yellow arrows (up and down) suggested that there is a potential wedge pattern within the last 4 bars (including the candle with the arrows). White arrows (which are rare suggest there may be a wedge pattern within the last 5 bars). You can easily use this indicator with the scanner.

thinkScript Code

# Price Action Wedge Patterns
# Include Four and Five Bar Wedges
# Developed based on idea from BenTen of useThinkScript.com
# Study to indicate when a wedge may be forming.
# Author: Kory Gill, @korygill
# Version 1.0

declare upper;
declare once_per_bar;

input aggregationPeriod = AggregationPeriod.DAY;
def open = open(period = aggregationPeriod);
def high = high(period = aggregationPeriod);
def low = low(period = aggregationPeriod);
def close = close(period = aggregationPeriod);

def vHigh = high;
def vLow = low;
def nan = Double.NaN;

def range = vHigh - vLow;
def isInsideBar = if range < range[1] and vHigh < vHigh[1] and vLow > vLow[1]
                  then 1
                  else 0;

# Define 4 Bars Wedge
def FourBarsWedges = high < high[3] and high[0] < high[3] and high[1] < high[3] and high[2] < high[3] and
low > low[3] and low[0] > low[3] and low[1] > low[3] and low[2] > low[3];
plot up4 = FourBarsWedges;
plot down4 = FourBarsWedges;
up4.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
up4.SetLineWeight(1);
up4.AssignValueColor(Color.Yellow);
down4.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
down4.SetLineWeight(1);
down4.AssignValueColor(Color.Yellow);

# Define 5 Bars Wedge
def FiveBarsWedges = high < high[4] and high[1] < high[4] and high[2] < high[4] and high[3] < high[4] and
low > low[4] and low[1] > low[4] and low[2] > low[4] and low[3] > low[4];
plot up5 = FiveBarsWedges;
plot down5 = FiveBarsWedges;
up5.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
up5.SetLineWeight(1);
up5.AssignValueColor(Color.WHITE);
down5.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
down5.SetLineWeight(1);
down5.AssignValueColor(Color.WHITE);

 

[zeek]

Exactly what i’ve been looking for, thx @BenTen for the share

 

[drjp384]

when u see wedge pattern ....either goes up and /or down after ...

 

[webdementia]

Will this chart actually show the lines like that or just the arrows? I just installed it and I see neither. Actually I do see the arrows but its from 10 days back. Thanks!

 

[BenTen]

@webdementia The arrow indicates a potential formation. You would have to draw the lines manually.

 

[inthefutures]

ben
def FiveBarsWedges = high < high[4] and high[1] < high[4] and high[2] < high[4] and high[3] < high[4] and
low > low[4] and low[1] > low[4] and low[2] > low[4] and low[3] > low[4];
plot up5 = FourBarsWedges;
plot down5 = FourBarsWedges;


Is this correct plot up5 = fourbarswedge. should it not be fivebarwedge

 

[BenTen]

@inthefutures What are you trying to modify? Stick with the original code and you should be fine.

 

[inthefutures]

i am doing nothing looks like you used fourbar twice but i will move on

 

[horserider]

plot up5 = FourBarsWedges;
plot down5 = FourBarsWedges;

Nice spot @inthefutures Original code should be corrected.

 

[BenTen]

@inthefutures Thank you for spotting that. Fixed