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
Concept - Wedge and Flag Finder Indicator
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 can be quite common. In future, will also try to add more pivots in pattern recognition to make the signal more accurate.
If the wedge comes with a tail, then it is marked as a flag :)
Settings - Multi Zigzag Wedge and Flag Finder
Settings are extended to offer following features to the users
- You can now select a wedge based on 5 or 6 pivots (defined in settings)
- Theme-based colouring option added in the settings. Now users can choose either a dark or light theme (Refers to chart background theme).
- Option added in settings to hide zigzag lines and labels within the wedge.
- Angle-based logic is refined as well as the settings. Angle restrictions are by default not selected as they often can be unreliable.
Snapshot of setting can be found here.