This indicator helps identify 3-bar and 4-bar plays, which are price action patterns consisting of a wide ranging bar that breaks above or below resistance or support, followed by one or two collecting/consolidating bars, then a continuation bar in the direction of the new trend. The 3 and 4-bar play is taught by Jared Wesley and Anmol Singh at Live Traders.
The indicator works by looking for a wide ranging bar breaking out of an offset donchian channel, followed by one or two consolidating bars, then a continuation in the direction of the move. The script will place a label on the chart when it spots the pattern and alerts can be set up. Enjoy!
Catatan Rilis
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Updated bar size calculation algo and made option to hide donchian channel
Hi again. I've gone through a few stocks and can see something pop up on the historcal data indicating the set up.
Do we get an alert when this happens?
komdiv7
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Hello.
The indicator didn't show any marks with 3 or 4 candles on the chart. Only SR lines
All labells areswitchen on in indicator setting. Something wrong?
Thanhkim179
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Can you User manual it?,
ruimdg
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thanks for share was looking for this
gerryj1968
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HI, I've loaded this onto a 5 minute chart and can see the channel created by the support and resistance.Does this give some sort of indication that can alert me so I can enter a trade?
jlayneVA
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I tried putting this in Think or Swim studies, and it constantly gives me error messages and highlights the entire text in red. Doesn't work. Is this just not compatible with Think or Swim?
JRL_6
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@jlayneVA, Correct, this is just for the TradingView system. TOS runs a different codebase.
ImNotaStocker
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@JRL_6, can I and how do i put this into Tradestation? I'm new to TS. I was going to figure out how to "build" this myself but I'm not even sure where to do that in there. I just searched and found this. Thank you for this.
Do we get an alert when this happens?