Multi Zigzag Wedge and Flag Finder

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 :)

The indicator on the chart would be simple. The indicator will show wedges as well as Flags both marked as such. This indicator is our first step towards exploring more complex indicators of similar types.

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.