Bull Flag Scan

[bobhobe]

Please review the AI-generated scan below and suggest improvements.

# Flag Pattern Scan
input flagpoleLength = 10; # Length of the flagpole (sharp move)
input consolidationLength = 5; # Length of the consolidation (flag)
input volumeDropThreshold = 0.7; # Volume drop threshold during consolidation (e.g., 70% of average volume)
input priceRetracementThreshold = 0.3; # Maximum retracement during consolidation (e.g., 30% of flagpole move)

# Calculate flagpole move
def flagpoleHigh = Highest(high, flagpoleLength);
def flagpoleLow = Lowest(low, flagpoleLength);
def flagpoleMove = if close[flagpoleLength] < close then flagpoleHigh - flagpoleLow else flagpoleLow - flagpoleHigh;

# Consolidation range
def consolidationHigh = Highest(high, consolidationLength);
def consolidationLow = Lowest(low, consolidationLength);
def consolidationRange = consolidationHigh - consolidationLow;

# Volume during consolidation
def avgVolume = Average(volume, consolidationLength);
def isVolumeDrop = volume < avgVolume * volumeDropThreshold;

# Price retracement during consolidation
def retracementRatio = consolidationRange / flagpoleMove;
def isRetracementValid = retracementRatio <= priceRetracementThreshold;

# Flag pattern condition
def isFlagPattern = isVolumeDrop and isRetracementValid;

# Plot or scan for flag patterns
plot FlagPattern = isFlagPattern;
FlagPattern.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
FlagPattern.SetDefaultColor(Color.GREEN);