This tool draws pennant patterns including targets and stops. The green line is your entry and the red line is your stop, it works in both the normal and inverted function to find both shorts and longs.
How does its code work? This tool finds the lowest three points and the highest three points in a specific sequence to draw out a pennant triangle. It will draw the following points in order, High1, Low1, High2, Low2, High3, Low3 (for inverted patterns Low1, High1, Low2, High2, Low3, High3). Frowe can draw the pennant triangle (these points are labeled with h1, l2, h2 etc)
The pattern also draws a line from the l1 to the h2, a line from the l2 to the high3 (and the opposite for inverse patterns). This is to show the momentum swings to indicate if a pattern is likely to break out long or short.
After the highs and lows are found, this pattern also calculates the axis (which is the central price where the pattern is winding around) by finding the middle point between the high 3 and the low 3. Once the axis is found, the targets can be placed on the triangle too, as the targets all project from the target. There are three targets calculated, target 1 is the distance between the high3 and the low3 plus the axis, target 2 is the distance between the high2 and the low2 plus the axis and target3, the final target is the distance between the high1 and low1 plus the axis.
These targets are drawn on the chart as horizontal lines and we have the pattern you see above. A continuation triangle pennant.
The pennant describes a wind up in volatility around a central axis, before that volatility breaks out long or short, towards the indicated targets.
How do i use it? To use this tool, put the first point on the candle just before the first high or low (high for longs and low for shorts), and then put the second point after the lowest candle in the pennant pattern (usually at the end of the pennant).
After this is done, the pattern will draw the triangle with all those points highlighted, your targets, 1, 2, and 3, along with stops and an ideal entry. The ideal exit is the 3rd target.
What makes this pattern different? This tool is based on the central strategy from a private course which uses an original trading strategy called the "HVF Method". This method trades pennants in continuation with the trend primarily, by identifying a constriction in volatility around a central axis before that volatility breaks out towards the target.
There is nothing else like this open to the public on tradingview, as it is a complete trading strategy build with performant targets, utilizing a very specific type of pattern. This pattern performs extremely well in many different markets as it is about trading with a trend and can be found at macro and micro levels
Информация о релизе
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This tool draws pennant patterns including targets and stops. The green line is your entry and the red line is your stop, it works in both the normal and inverted function to find both shorts and longs.
How does its code work? This tool finds the lowest three points and the highest three points in a specific sequence to draw out a pennant triangle. It will draw the following points in order, High1, Low1, High2, Low2, High3, Low3 (for inverted patterns Low1, High1, Low2, High2, Low3, High3). Frowe can draw the pennant triangle (these points are labeled with h1, l2, h2 etc)
The pattern also draws a line from the l1 to the h2, a line from the l2 to the high3 (and the opposite for inverse patterns). This is to show the momentum swings to indicate if a pattern is likely to break out long or short.
After the highs and lows are found, this pattern also calculates the axis (which is the central price where the pattern is winding around) by finding the middle point between the high 3 and the low 3. Once the axis is found, the targets can be placed on the triangle too, as the targets all project from the target. There are three targets calculated, target 1 is the distance between the high3 and the low3 plus the axis, target 2 is the distance between the high2 and the low2 plus the axis and target3, the final target is the distance between the high1 and low1 plus the axis.
These targets are drawn on the chart as horizontal lines and we have the pattern you see above. A continuation triangle pennant.
The pennant describes a wind up in volatility around a central axis, before that volatility breaks out long or short, towards the indicated targets.
How do i use it? To use this tool, put the first point on the candle just before the first high or low (high for longs and low for shorts), and then put the second point after the lowest candle in the pennant pattern (usually at the end of the pennant).
After this is done, the pattern will draw the triangle with all those points highlighted, your targets, 1, 2, and 3, along with stops and an ideal entry. The ideal exit is the 3rd target.
What makes this pattern different? This tool is based on the central strategy from a private course which uses an original trading strategy called the "HVF Method". This method trades pennants in continuation with the trend primarily, by identifying a constriction in volatility around a central axis before that volatility breaks out towards the target.
There is nothing else like this open to the public on tradingview, as it is a complete trading strategy build with performant targets, utilizing a very specific type of pattern. This pattern performs extremely well in many different markets as it is about trading with a trend and can be found at macro and micro levels
This is fantastic work LG, perhaps just have a look at the policies of Trading view to ensure compliance. I have already shared this with a few mates hope and will follow on Tweets for any updates. Let me know if i can assist.
legion_green
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@MC_Kenny, great thanks, can you tag me in your tweets? yep ive been through some rounds with TV team to make it compliant
MC_Kenny
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@legion_green, no problem will do if I use X. Thanks for the great work. Keep in touch if you need assistance.
JPBull
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@MC_Kenny, There is a range of bars limit (500?) that we can use to set the 1st and 2nd point. Would it be possible to increase it, or this is a Pine Script limitation?
Thank you
JPBull
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Congrats for your work! Really helps to "verify" the setups we draw while trying to accumulate to enter the Sniper Program.
Side notes: - it would be great if we it had a ticker box so we could change from normal to log projections; - increase the TF for the range we want the tool to draw.
Again, really appreciated for sharing your tool!
legion_green
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@JPBull, thanks for the suggestions, yea log scale is something i want to add at some point, so its on the list for sure. can you elaborate on your second point?
JPBull
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@legion_green, There is a range of bars limit (500?) that we can use to set the 1st and 2nd point. Would it be possible to increase it, or this is a Pine Script limitation?
Thank you (wrongly replied to someones post)
legion_green
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@JPBull, ahh let me investigate, i would recommend finding a higher timeframe to navigate your pattern. i think this is a pinescript limitation
Kasap
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Hi, was wondering why the tp's are different with different time frames?
legion_green
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@Kasap, ahh i think you might have some issues with log and non log, currently it only works with non logarithmic