Smart Patterns Lite - Engulf Edition

24 Feb 2022

Hi Traders! Welcome to Smart Patterns Lite - Engulf Edition
This lite version of Smart Patterns script specifically focuses on different Engulfing Pattern approaches, and tracks their performance and success rate over time.

Key Features

• This edition includes TradingView's Engulfing Pattern as well as two custom ones: Engulf (Trend) and Engulfing (Advanced)
• When a Pattern reaches the Min. Target % within the Candles Range selected, it is then considered valid. Please remember that doesn't take into account possible draw-downs or stop-losses.
• Patterns are constantly evaluated inside the script; when a pattern's overall score (Success Rate %) is below the required minimum, the signal won't be triggered. However, the script will keep monitoring it in the background, and trigger a signal again when its score comes back above the minimum Success Rate.
  
• The Patterns' signals can be filtered by Success Rate, Minimum Patterns detected and candle size (calculated via ATR).
  
• The Data Panel will show individual statistics for Enabled Patterns as well as final statistics for Triggered Patterns.
  
• Tooltips in the settings panel will further explain available options.
  
• Alerts: simple alerts can be added by selecting "any alert() function call" when adding an Alert. Customizable alerts can also be created through dropdown menu ( Bullish \ Bearish Patterns Detected).
  

Notes and Recommendations

• Always be realistic when tweaking settings, making sure the output makes sense in a normal trading environment. Statistics are helpful but shouldn't be the only factor to base your decisions on - even if a pattern reaches 100% Success Rate, it doesn't mean it will keep being profitable.
  
• Since the script crunches quite some data it may give output errors especially if settings are not properly tweaked - or if the filters are too liberal (e.g. Min Target % set to 0.1) - hence triggering lots of signals. Please adjust the settings or enable only the Patterns you are trading.
  
• If the script gives the error "Too many drawings, cannot clean oldest" it means your settings give too many signals and that is usually not a good sign - it's recommended to double-check your settings as mentioned above.
  

Credits
Trading View for built-in patterns
Special thanks go to PineCoders community for their incredible efforts and learning material to help mastering PineScript!

16 Mar 2022

Catatan Rilis

Version 1.1
- Patterns Data panel has been remade (looks like a silent PineScript update broke it). Now Bull and Bear Patterns statistics are separated for better readability.