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I was wondering if anyone knew how to code a signal that would identify a head and shoulders pattern with own parameters to make up the pattern. I don't know how to code but this would be nice.
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Just for concept, what about looking into one of the ZZ indicators?
A head and shoulders top could be described as a two HHs followed by a LH for example. Anytime the ZZ sees that pattern you could have it highlighted and brought to your attention. There will be some nuances in there with the zz missing some, and mislabeling of course.
The limitation with the ZZ is that it has a set length. A way to get around that would be to combine a series of ZZ indicators together. And the more lengths you use together would give you more pictures of the H&S pattern. For example the one with the length of 4 will pick up smaller ones than the zz with a length of 10.
Thanks guys I just thought it would be usefule for everyone in the room to have an alert on your chart along with a line drawn connecting the bars that would form a head and shoulders on the chart. This obviously would have to come with some parameters that the user may want to adjust. For instance how deep and how long. I was just curious because after watching numerous videos of people trading always refer back to the head and shoulders. Then they say didn't you see that H&S pattern that formed. Sometimes I miss it and that's why I was wondering if anyone knew how to do this. I wish I could code and I would make this for everyone but I don't know how.
I would imagine for a pattern like this, it has already been coded in some language... whether it be EasyLanguage, MetaTrader, Wealthlab, something somewhere could be used as a template for your ninjascript code.
But like others have said, you need to first quantify what a H&S is in terms that can be described by indicators like ZigZag for instance.
The code would be very similar to the "Woodies Ghost" indicator . There were some Woodies Pattern recognition indicators for NT 6.5. I haven't updated them to run on NT7 . But it should be a simple project for a programmer.
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