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);

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);

Nobody willing to help with this?

 

[MerryDay]

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

Nobody willing to help with this?

Not sure what you want help with.

Yes, your script is identifying bull flag patterns.
Yes, candlestick patterns are random.

They only have meaning when they occur at significant points
IE: at support and resistance zones or overbought/oversold etc...

Candlestick pattern traders use price action and order flow to find trades and THEN use candlestick patterns to confirm.
https://usethinkscript.com/threads/price-action-toolbox-for-thinkorswim.10747/

You are scanning for trades from the bottom up.
You need to trade from the top down. Identify the market dynamics that define your trade, then review your chart for identifying candle patterns.