Editor Picks ⁽¹⁶⁾

Our Auto Chart Patterns indicator stands as the epitome of advanced chart pattern recognition technology. Building upon our recent publication on algorithmic identification and classification of chart patterns, this tool embodies our innovative approach, automating the intricate process of pattern recognition for traders. Link to the Indicator: Auto Chart Patterns The bulk of the logic is implemented as part of the library - chartpatterns. The indicator is a shell that captures the user inputs and makes use of the library to deliver the…

The Volume Forks Indicator is a comprehensive research tool that combines two innovative techniques, Recursive Auto-Pitchfork and Angled Volume Profile. This indicator provides traders with valuable insights into price dynamics by integrating accurate pitchfork drawing and volume analysis over angled levels. Link to the Indicator: Volume Forks Indicator The indicator does the following things A pitchfork is drawn when the price forms an ABC pattern. Pitchfork draws a series of parallel lines in the direction of trend which can be used for…

Here are some of the innovative technical indicators built on the Zigzag indicator combined with classical technical analysis and modern concepts. Link to the indicator: Zigzag Cloud Indicator This is Bollinger Band built on top of Zigzags instead of regular price + something more. The indicator presents 7 lines and clouds around it. This can be used to visualize how low or high the price is with respect to its past movement. Link to the indicator: Zigzag Candles Can't deny that we…

Volume is an important factor in technical analysis. This innovative indicator provides cumulative volume for each zigzag swing. This can help understand how much conviction is there in each swing. You can find the relative strength by comparing it to previous swing volumes. Link to the Indicator: Zigzag Volume Bars Here is an indicator that can help you visualise volume data on Zigzag swing highs and lows. Settings are pretty simple and provide a variety of display options. Bar Style can be Stack…

This is a supertrend with a slightly twisted concept which can be very beneficial in strong trending markets to reduce stop loss distance and exit slightly quicker. Link to the Indicator: Supertrend Ladder ATR When the instrument is trending up, regular ATR shows high values if there are big green candles. This affects the stop loss distance in regular supertrend which leads to wide stops or delayed lagging. When you are in a long trade, what matters for stop-loss is how much…

Extreme Trend Reversal Points based on Recursive Moving Averages is an indicator designed to estimate reversal points based on how well the instrument has trended. The highlight of this indicator is that the calculations of moving averages are done in a recursive manner. Link to the indicator: Extreme Trend Reversal Points Using moving average crossover for identifying the change in trend is very common. However, this method can give lots of false signals during the ranging markets. In this algorithm, we try…

The question which comes up quite often is that - "What is the probability of divergence resulting in a change of trend?" This is a hard nut and it can be devastating to follow divergence signals without other confirmations. At best, divergences can act as good support and resistance levels. This indicator treats divergence as a support resistance level and plots them on the chart. Though we are the ones who coined this concept, it has become very popular and also earned…

Pullbacks are always the hardest part of the trade and when it happens, we struggle to make a decision on whether to continue the trade and wait for recovery or cut losses. Similarly, when an instrument is trending well, it is often a difficult decision to make if we want to take some profit off the table. This indicator is aimed to make these decisions easier by providing a combined opinion of sentiment based on trend and possible divergence. Link to the…

Here is a very complex and detailed indicator that provides output in a simple and easy-to-understand way. The algorithm studies historical divergence outcomes and used them to project the next pivot. The script also won the Best Editor Picks of 2022 award Link to the Indicator: Next Pivot Projection Indicator Still experimental. Extending further on the divergence backtest results - in this script, we try to project the next 2 pivots (including one unconfirmed pivot) 1. Divergence-Backtester 2. Divergence-Backtester-V2 Hover over projection labels to…

The indicator automatically draws pitchfork formations on a recursive zigzag. This algorithm is developed using the latest features of Pinescript of using methods and types. The script has the option to select different categories of pitchforks to be drawn. Popular types include Andrew's pitchfork, Schiff and Modified Schiff pitchforks. These can be further drawn as either regular or inside pitchforks. Link to the Indicator: Recursive Auto Pitchfork Indicator Say Hi to object-oriented programming with Pinescript using types and methods. This is the…

Most sophisticated Chart Pattern Indicator you will ever find in the open source library of Tradingview. This indicator uses an advanced multi-zigzag algorithm to spot 5 or 6 pivot chart patterns. This is an earlier version of the Chart Patterns (Deep Search) Indicator Link to the Indicator: Multi Zigzag Wedge and Flag Finder Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming a wedge…

The Wolfe wave indicator is a very popular chart pattern used in options trading. The indicator spots the Wolfe formations and also suggests the rules of the Wolfe wave trading system. More details on the Wolfe Wave pattern is available on the tradingview page linked below. Link to the Indicator: Advanced Wolfe Wave Indicator Before getting into the script, I would like to explain a bit of the history of this project. Wolfe Pattern was in the back of my mind for…

One of the innovative concepts that combine trend following and reversals. This indicator tries to define trends based on harmonic pattern price action. Link to the Indicator: Harmonic Pattern based Trend Follower Harmonic Pattern as the system is known for finding possible reversal zones and hence assists in swing trading. But, the most effective way of using harmonic patterns is in trend following. This can yield really amazing results when played with proper risk management. Here is a link to the original…