Fractal Breakout V2

Version 2 of my fractal pattern aid (Version 1).

I added a bouncing line between the high and low trend lines , connecting consecutive extreme points. I also chased down a pesky bug in the slope calculation...and for now I have disabled the ability to change resolution basis for extreme detection (e.g. 30m on a 1hr chart).

For fun, I added some shading to make it more apparent at a glance what is happening, but if you find it gimmicky, there's an option to turn that off.

I am inexperienced with pattern recognition, so please send feedback if you have any ideas that would make this more useful.

Catatan Rilis: Extensions to upper and lower boundary lines now continue through new extreme points, as long as that point is within a configurable ratio of the extended line. This helps identify when important resistance/support or pattern formation lines have been broken. To add visibility to such conditions, I have re-enabled shading by default, based on price breaking outside the extended boundary lines.
Catatan Rilis: Found a bug, where a perfect storm could cause extensions to become limitlessly negative.
Catatan Rilis: I kinda forgot to make the setting to turn off the new dotted extensions actually do anything. Sorry about that, fixed!
Skrip open-source

Sejalan dengan semangat TradingView, penulis skrip ini telah mempublikasikannya secara open-source, sehingga para trader dapat memahami dan memverifikasinya. Salut untuk sang penulis! Anda dapat menggunakannya secara gratis, tetapi penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk dapat menggunakannya didalam sebuah chart.

Inggin menggunakan skrip ini pada chart?


Not sure if tips are a thing here, but just in case you like my work...




+1 Jawab
So if your bullish in bias then the potential entry point on this would be where the green shading starts? Thanks!
Sensitivity of the boundary extensions doesn't have to be tiny--here it is with a value of 500 (5.00% tolerance):

Again, this is adjustable in the settings of the indicator.
Nice improvement, good jobs Lemrin =D
Lemrin ICEKI
@ICEKI, Thank you! Now I wonder how possible it would be to start trying to identify (or suggest possible) patterns, based on where the bouncy line goes.
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