OPEN-SOURCE SCRIPT
W and M Pattern with Trend Alert
This script detects W and M patterns in price action and alerts the trader when these patterns occur, providing potential trading opportunities.
W Pattern: A W pattern forms when the price creates two bottoms, separated by a higher low in the middle. It often indicates a reversal from a downtrend to an uptrend. The script plots a green line at the neckline of the W pattern.
M Pattern: An M pattern forms when the price creates two tops, separated by a lower high in the middle. It often indicates a reversal from an uptrend to a downtrend. The script plots a red line at the neckline of the M pattern.
Key Features:
Alerts: The script generates alerts when W or M patterns are detected, allowing traders to stay informed of potential trading opportunities.
Recent Breakout: W and M pattern lines are drawn only after the recent breakout of support or resistance levels, helping traders focus on current market conditions.
Visual Representation: The script visually represents W and M patterns with vertical lines at the neckline, making it easier for traders to identify potential reversal points.
Usage:
Watch for alerts indicating the detection of W or M patterns.
Verify the pattern visually on the chart, paying attention to recent support or resistance levels.
Consider entering a trade based on the direction suggested by the pattern (e.g., long on W pattern, short on M pattern), using additional technical analysis to confirm the trade setup.
W Pattern: A W pattern forms when the price creates two bottoms, separated by a higher low in the middle. It often indicates a reversal from a downtrend to an uptrend. The script plots a green line at the neckline of the W pattern.
M Pattern: An M pattern forms when the price creates two tops, separated by a lower high in the middle. It often indicates a reversal from an uptrend to a downtrend. The script plots a red line at the neckline of the M pattern.
Key Features:
Alerts: The script generates alerts when W or M patterns are detected, allowing traders to stay informed of potential trading opportunities.
Recent Breakout: W and M pattern lines are drawn only after the recent breakout of support or resistance levels, helping traders focus on current market conditions.
Visual Representation: The script visually represents W and M patterns with vertical lines at the neckline, making it easier for traders to identify potential reversal points.
Usage:
Watch for alerts indicating the detection of W or M patterns.
Verify the pattern visually on the chart, paying attention to recent support or resistance levels.
Consider entering a trade based on the direction suggested by the pattern (e.g., long on W pattern, short on M pattern), using additional technical analysis to confirm the trade setup.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.