But, republishing it to make it available open source.
- Recognition - Checks on if LH is followed by HH
- Confirmation - When low crosses under last lower on
- Invalidation - When high crosses over HH
- Recognition - Checks on if HL is followed by LL
- Confirmation - When high crosses over last higher on
- Invalidation - When low crosses under LL
Few input options:
- Option to display risk per reward which defines how steep is the W-M triangle. This is simply the ratio of price difference between mid point to top most and bottom most points. In case of , downside is considered as reward and upside is considered as risk and with , downside is considered as risk and upside is considered as reward. Lower risk per reward signifies better trade.
- Option to display stats which shows number of occurances of and bottom and how many times price crossed confirmation point and invalidation point (which are also marked with dashed lines) Stats are color coded. Higher confirmation rates are colored in shades of green, lower confirmation rates are colored in shades of orange whereas the neutral confirmation rates are coloed in light yellow.
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.