Indicator for Triangles

[armybender]

Hi,

I've tried my hand at creating something to do this, but can't seem to get it quite right. I'm wondering if someone can help. The idea is that congestion is building, so I want to know when both sides (buyers and sellers) have entered expecting a breakout.

I'm hoping to create an indicator that will put either a down arrow or up arrow above or below a bar when a triangle (nested set of highs or lows) forms and is triggered by the nested high or low being confirmed on the close of a bar.

I've included a picture below, but here are the rules that need to be coded. I'll use the rules that match the picture, but the opposite direction also needs to be considered (i.e. a triangle that is triggered by a bear bar following a set of nested highs / lows).

1. There must first be a high - it can be a single bar, and does not need to be considered a swing (i.e. doesn't need to be a specific distance from anything)
2. There must then be a low - same rules about not needing to be a swing.
3. Next, a subsequent lower high and higher low must form.
4. When the higher low is "locked in" by the closing of the bar and the price ticking at least one tick above, there is a triangle formed and it would trigger an alert or draw an arrow underneath the nested low.

Here's a picture of how it would work. Any help is appreciated!!!

 

[Ramesh16]

Is this something like divergent bar?

 

[armybender]

Is this something like divergent bar?

I have no idea. I just know these show up dozens of times per day and they're very profitable and reliable, so it would be nice to make it easier to spot them.

 

[Svanoy]

@armybender
Still have some bugs to work out and still have to code the plots but here is a rough start.

def bn = if BarNumber()>0 then BarNumber() else 1;

def LastLow = if low[-1]>low then low else 0;
def LastLowBN = if low[-1]>low then bn else 0;

def FirstLow = if !isnan(LastLow)
    then fold i = 1 to bn
    while GetValue(low,i)>low
    do if GetValue(low,i+2)>GetValue(low,i+1)
    then GetValue(low,i+1) else 0 else 0;
def FirstLowBN = if !isnan(LastLow)
    then fold j = 1 to bn
    while GetValue(low,j)>low
    do if GetValue(low,j+2)>GetValue(low,j+1)
    then GetValue(bn,j+1) else 0 else 0;

def LowBNDiff = AbsValue(LastLowBN-FirstLowBN);

def LastHigh = if !isnan(LastLow) and !isnan(LowBNDiff)
    then fold y = 0 to LowBNDiff
    with intyh = high
    do if GetValue(high,y)>intyh and GetValue(low,y)>FirstLow and GetValue(low,y)>LastLow
    then GetValue(high,y) else intyh else 0;
def LastHighBN = if !isnan(LastLow) and !isnan(LowBNDiff)
    then fold z = 0 to LowBNDiff
    with intzh = high
    do if GetValue(high,z)>intzh and GetValue(low,z)>FirstLow and GetValue(low,z)>LastLow
    then GetValue(bn,z) else intzh else 0;

def LastHighBNDiff = AbsValue(FirstLowBN-LastHighBN);

def FirstHigh = if !isnan(LastLow)
    then fold w = 1 to bn
    with intwh = LastHigh
    while GetValue(high,w+LastHighBNDiff)<intwh
    do if GetValue(high,w+LastHighBNDiff+2)<GetValue(high,w+LastHighBNDiff+1)
    then GetValue(high,w+LastHighBNDiff+1) else 0 else 0;

def FirstHighBN = if !isnan(LastLow)
    then fold x = 1 to bn
    with intxh = LastHigh
    while GetValue(high,x+LastHighBNDiff)<intxh
    do if GetValue(high,x+LastHighBNDiff+2)<GetValue(high,x+LastHighBNDiff+1)
    then GetValue(bn,x+LastHighBNDiff+1) else 0 else 0;

def condition = LastLow and LastLowBN and FirstLow and FirstLowBN and LastHigh and LastHighBN and FirstHigh and FirstHighBN;
addchartbubble(condition,low,"First High BN "+FirstHighBN+"\nFirst High "+FirstHigh+"\nFirst Low BN "+FirstLowBN+"\nFirst Low "+FirstLow+"\nLast High BN "+LastHighBN+"\nLast High "+LastHigh+"\nLast Low BN "+LastLowBN+"\nLast Low "+LastLow,color.white,no);

Example of pattern it is identifying:

https://imgur.com/mgICD7y

I may end up only being able to plot the most recent occurrence. Since there is no look back period, the triangles can overlap as a smaller triangle pattern can be engulfed by a larger triangle pattern.

 

[armybender]

@armybender
Still have some bugs to work out and still have to code the plots but here is a rough start.

def bn = if BarNumber()>0 then BarNumber() else 1;

def LastLow = if low[-1]>low then low else 0;
def LastLowBN = if low[-1]>low then bn else 0;

def FirstLow = if !isnan(LastLow)
    then fold i = 1 to bn
    while GetValue(low,i)>low
    do if GetValue(low,i+2)>GetValue(low,i+1)
    then GetValue(low,i+1) else 0 else 0;
def FirstLowBN = if !isnan(LastLow)
    then fold j = 1 to bn
    while GetValue(low,j)>low
    do if GetValue(low,j+2)>GetValue(low,j+1)
    then GetValue(bn,j+1) else 0 else 0;

def LowBNDiff = AbsValue(LastLowBN-FirstLowBN);

def LastHigh = if !isnan(LastLow) and !isnan(LowBNDiff)
    then fold y = 0 to LowBNDiff
    with intyh = high
    do if GetValue(high,y)>intyh and GetValue(low,y)>FirstLow and GetValue(low,y)>LastLow
    then GetValue(high,y) else intyh else 0;
def LastHighBN = if !isnan(LastLow) and !isnan(LowBNDiff)
    then fold z = 0 to LowBNDiff
    with intzh = high
    do if GetValue(high,z)>intzh and GetValue(low,z)>FirstLow and GetValue(low,z)>LastLow
    then GetValue(bn,z) else intzh else 0;

def LastHighBNDiff = AbsValue(FirstLowBN-LastHighBN);

def FirstHigh = if !isnan(LastLow)
    then fold w = 1 to bn
    with intwh = LastHigh
    while GetValue(high,w+LastHighBNDiff)<intwh
    do if GetValue(high,w+LastHighBNDiff+2)<GetValue(high,w+LastHighBNDiff+1)
    then GetValue(high,w+LastHighBNDiff+1) else 0 else 0;

def FirstHighBN = if !isnan(LastLow)
    then fold x = 1 to bn
    with intxh = LastHigh
    while GetValue(high,x+LastHighBNDiff)<intxh
    do if GetValue(high,x+LastHighBNDiff+2)<GetValue(high,x+LastHighBNDiff+1)
    then GetValue(bn,x+LastHighBNDiff+1) else 0 else 0;

def condition = LastLow and LastLowBN and FirstLow and FirstLowBN and LastHigh and LastHighBN and FirstHigh and FirstHighBN;
addchartbubble(condition,low,"First High BN "+FirstHighBN+"\nFirst High "+FirstHigh+"\nFirst Low BN "+FirstLowBN+"\nFirst Low "+FirstLow+"\nLast High BN "+LastHighBN+"\nLast High "+LastHigh+"\nLast Low BN "+LastLowBN+"\nLast Low "+LastLow,color.white,no);

Example of pattern it is identifying:

https://imgur.com/mgICD7y

I may end up only being able to plot the most recent occurrence. Since there is no look back period, the triangles can overlap as a smaller triangle pattern can be engulfed by a larger triangle pattern.

Thanks. I suspected it would require a fold process but was hoping it could be avoided. Ultimately, as long as it identifies the most recent occurrence then it will be useful in real time.

I'll try it out and let you know if I have any issues, or if I end up modifying the code at all. Looks good at first glance though.

 

[halcyonguy]

Hi,

I've tried my hand at creating something to do this, but can't seem to get it quite right. I'm wondering if someone can help. The idea is that congestion is building, so I want to know when both sides (buyers and sellers) have entered expecting a breakout.

I'm hoping to create an indicator that will put either a down arrow or up arrow above or below a bar when a triangle (nested set of highs or lows) forms and is triggered by the nested high or low being confirmed on the close of a bar.

I've included a picture below, but here are the rules that need to be coded. I'll use the rules that match the picture, but the opposite direction also needs to be considered (i.e. a triangle that is triggered by a bear bar following a set of nested highs / lows).

1. There must first be a high - it can be a single bar, and does not need to be considered a swing (i.e. doesn't need to be a specific distance from anything)
2. There must then be a low - same rules about not needing to be a swing.
3. Next, a subsequent lower high and higher low must form.
4. When the higher low is "locked in" by the closing of the bar and the price ticking at least one tick above, there is a triangle formed and it would trigger an alert or draw an arrow underneath the nested low.

Here's a picture of how it would work. Any help is appreciated!!!

here is my version, to find a 4 bar pattern , of 2 peaks and 2 valleys
https://usethinkscript.com/threads/find-4-bar-wedge-pattern-2-peaks-2-valleys.14413/
.