Horns Pattern Identifier with alerts

9 dic 2024

Updated version of LuxAlgo indicator to add the ability to change the displayed line widths and to raise alerts when the pattern is detected.

The original indicator and it's history are at

Their description:
The following script detects regular and inverted horn patterns. Detected patterns are displayed alongside their respective confirmation and take profit levels derived from the pattern measure rule. Breakout of the confirmation levels are highlighted with labels.

11 dic 2024

Note di rilascio

Updated version of LuxAlgo indicator to add the ability to change the displayed line widths and to raise alerts when the pattern is detected.

The original indicator and it's history are at
tradingview.com/v/eyakzwYP/

Description:
Horns are a type of Double Top/Double Bottom where the top/bottom of the bars are very close in level and they are separated by a single bar.
This indicator detects and displays these patterns with a line joining the tops/bottoms and extending lines showing the entry and target levels as identified by the patterns originator.
A price breakout of the entry level is highlighted with a label.

This pattern was identified and published by Thomas Bulkowski in his Encyclopedia of Chart Patterns.

Pattern use:
Bulkowski suggests that for a Double Top traders can sell below the lowest low of the three bars making up the pattern with a target equal to the height of the pattern. (highest high to lowest low). Similarly traders may buy above the highest high of the three bars at a double bottom.
He originally identified the pattern on weekly stock charts so traders should review their effectiveness on other instruments and timeframes before deciding whether to use.

Settings:
Threshold: Controls the maximum allowed slope of the line connecting two horns, with higher values allowing a higher slope.

Linewidth: Allows the width of all lines drawn to be adjusted. Default value is 2.

Alerts:
Alerts may be created for this indicator in the normal way. When creating an alert select the indicator name Horns Pattern Identifier with alerts from the Conditions list and then select Any alert() function call from the next dropdown list.
Alerts will be raised on the first tick of the bar following the detection of the Horns pattern.
No alert is generated for the entry flag that the indicator draws.