Galen Woods Price Patterns

This indicator marks five price patterns. The underlying concept of each pattern is described below.

#1: Trend Bar Failure <TBF> - failure to follow-through with a short-term thrust

#2: Deceleration - weakening thrust

#3: Anti-Climax - climactic and exhaustive price thrust

#4: Congestion Zone - sideways action <shaded zones> including breakout failures <BOF>

#5: Pressure Zones - repeated buying or selling pressure <triangles>

You can toggle their display under Style.

Inputs

Calculate On Close is selected by default. If you unselect it, it will show tentative patterns that can be helpful for anticipating setups. However, the price patterns and zones are NOT confirmed unless it remains marked after the completion of the bar.

Pressure Zone Overlap Filter (in no. of ticks) affects the thickness of the pressure zones. Higher settings filter out thin pressure zones.

Get This Indicator

This indicator is available for purchase as part of Galen Woods' Day Trading With Price Action Course.

הערות שחרור:

Updated to Pinescript v4 with improved visuals for Congestion Zones (limited to drawing the last 200 zones). Toggle for marking Congestion Zones now available under Inputs.

הערות שחרור:

Update comments and author's instructions

הערות שחרור:

Increase Pressure Zone Overlap Filter max value 999 ticks