What Is the Head and Shoulders Pattern?
A head and shoulders pattern is a technical indicator with a chart pattern of three peaks, where the outer two are close in height, and the middle is the highest.
A head and shoulders pattern—considered one of the most reliable trend reversal patterns—is a chart formation that predicts a bullish-to-bearish trend reversal.
An inverse head and shoulders pattern predicts a bearish-to-bullish trend.
The neckline rests at the support or resistance lines, depending on the pattern direction. (Investopedia)
I activated the Auto Head and Shoulder indicator of Tradingview, but it detects nothing!
The source codes of these indicators are not available! but it looks like it can only detect the finished and fully formed Head and Shoulder pattern which makes it useless..!
I think this needs more consideration because detecting a finished pattern is not useful in trading..!
Best.
A head and shoulders pattern is a technical indicator with a chart pattern of three peaks, where the outer two are close in height, and the middle is the highest.
A head and shoulders pattern—considered one of the most reliable trend reversal patterns—is a chart formation that predicts a bullish-to-bearish trend reversal.
An inverse head and shoulders pattern predicts a bearish-to-bullish trend.
The neckline rests at the support or resistance lines, depending on the pattern direction. (Investopedia)
I activated the Auto Head and Shoulder indicator of Tradingview, but it detects nothing!
The source codes of these indicators are not available! but it looks like it can only detect the finished and fully formed Head and Shoulder pattern which makes it useless..!
I think this needs more consideration because detecting a finished pattern is not useful in trading..!
Best.
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