Head & Shoulders S/R Regular

Dec 30, 2021

This is my take in Head & Shoulders (regular H&S)
The script will wait until a valid point E is found, which means A, C and E are alined


Then it will find the highest point between C - E -> Head (= D),
together with the highest point between A - C -> Left Shoulder (= B)

After this, the pattern is drawn, together with a 'trigger' area (E-G - E'-G' ~ 'Right shoulder area')

ONLY in this field, when a close is higher than E'-G', the figure will turn green, if lower than E-G, it will turn red, else, it will be blue


Settings:

• Date range filtering
  Here you can filter the patterns by setting the date period (for E)
  
• Pivot Points -> Leftbars - Rightbars
• min/max retrace AD -> E
  Set the retracement for E (retracement A -> D -> E, here between 1.4 & 1.5)
  
• % tolerance [L ~ R shoulder height]
  Tolerance of Right shoulder height against Left shoulder height
  0% (= the same relative height):
  
  85% (-> now close isn't higher than E'-G' -> blue coloured):
  
• min/max % [Left Shoulder ~ Head]
  Sets the desired B height against D (here B is between 35-45% of D):
  
• width R shoulder = L shoulder + x%
  Sets the width of Right shoulder against Left shoulder
  0% (nothing extra, just the same width as Left shoulder)
  
  100% (Right shoulder area is double as large as the Left shoulder):
  
  -70% (Right shoulder area much narrower than Left shoulder):
  
• maximum visible patterns:
  Set the maximum visible amount of patterns
  

This script uses one of the latest fantastic Pinescript features:
linefill[] and for ... in loop

Cheers!

Jan 10, 2022

Release Notes

Code improvement

Jan 10, 2022

Release Notes

update

Jan 10, 2022

Release Notes

update