OPEN-SOURCE SCRIPT

Bilson Gann Count

Updated
Gann counting is a method for identifying swing points,trends, and overall market structure. It simplifies price action by drawing short trend lines that summarize moves.

There's essentially 4 types of bar/candle.

Up bar - Higher high and higher low than previous bar
Down bar - Lower high and lower low than previous bar
Inside bar - Lower high and higher low than previous bar
Outside bar - Higher high and lower low than previous bar

We use these determinations to decide how the trendline moves through the candles.

Up bars we join to the high, down bars we join to the low, inside bars are ignored.

There are other indicators that already exist which do this, the difference here is how we handle outside bars.

Other gann counting methods skip outside bars, this method determines how to handle the outside bar after the outside bar is broken.

examples
UP -> OUTSIDE -> UP = Outside bar treated as swing low
UP -> OUTSIDE -> DOWN = Outside bar treated as swing high
DOWN -> OUTSIDE -> UP = Outside bar treated as swing low
DOWN -> OUTSIDE -> DOWN = Outside bar treated as swing high
Release Notes
Updates to inside bars. Can now set max number of inside bars considered a hoagie
Release Notes
Minor tweak to UP/DOWN bar classifications - thanks to MattB
Release Notes
Handle cases with multiple OUTSIDE bars in a row - thanks TraderKingz
Chart patternsPivot PointsPivot points and levels

Open-source script

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 publication is governed by House rules. You can favorite it to use it on a chart.

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