Thank you for making this! I have been looking for a W and M pattern for a while now. Do you know if there is a setting to make the Bar on the chart a certain color when the W is triggered? Also why did you use an RSI period of 5? If I use a 5 min chart should I change my settings? Ideally what is the best timeframe for this script. Lastly, Do you plan to make an M pattern? Thank you again!
mohanee
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@eli9875,
1. Yes , barc color changes to yellow when W pattern found
2. RSI 5 is for short term trading , which for 5 days of the week (you can change it to 2 or 3 whatever suits for your style ... but make sure to check performance results , if you dont get atleast 70% winners , dont consider it )
3. I have coded for Daily time frame ... also found that it is working good on 1 HR chart ... ( I only verified stock symbols )
4. Yes , I am planning to come up with M pattern ...
Hi @mohanee great stuff, how can i convert it into study? thanks
clowery
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Great script! Please gift us with the M version!
TraderX-
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amazing stuff dude!
Norts88
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only just started backtesting this indicator but the results are probably the best ive seen for a long time. When used with price actiona and liquidity plays it seems to be very powerful.
nabilhourani
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@Norts88, Having any success with this? I agree the backtest results look amazing, especially with /es futures.