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.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.