BEST ABCD Pattern Screener

26 בינו׳ 2020

Hello ladies and gentlemen traders

Continuing deeper and stronger with the screeners' educational series one more time.
This one is heavy crazy mega cool (pardon my french).

I - Concept

I present to you, ladies and gentlemen, the first screener for harmonic patterns.
Starting with an ACBD pattern screener this time!!

I used the calculations from Ricardo Santo's script

In short, he's using fractals (regular or Bill Williams ) for the pattern calculations. A masterpiece !!!

The screener will show in 1 consolidated chart the ABCD patterns for 5 selected assets. Could be stocks, forex, crypto, whatever you feel like making money with

II - Definitions

The ABCD pattern ( AB=CD ) is one of the classic chart patterns which is repeated over and over again.
The ABCD pattern shows perfect harmony between price and time.
More info here

The Williams Fractal is an indicator, developed by Bill Williams, that aims to detect reversal points (highs and lows) and marks them with arrows.
Up fractals and down fractals have specific shapes. The Williams Fractal indicator helps users determine in which direction price will develop

Source: tradingview.com/ideas/williamsfractal/

III - How did I set the screener

The visual signals are as follow:

- square: whenever there is an ABCD pattern detected

Then the colors are:

- green when a bullish pattern is detected
- red when a bearish pattern is detected

🔸 The script screenshot shows two red squares matching two ABCD bearish pattern from the above panel. As the chart is showing APPL, I highlighted where the screener mentioned the fruit stock ( APPLE, pun, bad joke, Dave out...)
🔸 I tried to make it as clear as I could with red arrows

Once again, we pushed together the limits of pine script beyond of what we thought was possible, beyond the realm of this world, reaching finally the dreamt pine script heaven (am I going too far? feel free to tell me)

Best regards,
Dave