I made this script a long time again and never released it. It is a ABC Pattern finding tool. You can adjust the "Bars Back" setting to include more or less bars in the pattern. I usually have it set to 10 or 15 these settings seem to work well on most assets. The scripts allows you to set up a trade box automatically and has a call out table to make prices levels more clear and easy to read. The trade box levels can be set by fixed percentage or by pattern based fib. Hope it helps!
@Mode_m-889, I believe the script already has that function. You have to create a new alert on the right hand side panel for the condition select the abc script and it uses the Any alert() function call. So this alert setting will trigger when a alert() call is encountered in the script.
milinkov
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thank you for this script when the trendlines suddenly appear, is the stock approaching the next pivot? thank you
melodicfish
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@milinkov, This is basically the case. It checks to see if it is the lowest pivot in the most recent bars back if so a new trend line is created.
prag37
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Thank you for this strategty. I've been using this for over a month and for the first time in my life, I was green for the entire month. I use it on a 4h chart. I set ABC alerts to notify when a new ABC setup hit the charts. I set up an alert at or around the recommended entry price and when the stock is at the price, I get notified and enter trade once I check indicators for confirmation. I have around 300 stock tickers set up for this and its been amazing. Highly recommend this if you are struggling staying green, don't have time to sit in front of a pc all day or just want a SIMPLE Strategy that gives Entry and Exit with money management built in with a 1%-3% stop loss and 6%+ take profit. Thank you!
melodicfish
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@prag37, Thank you for your kind comment. I am happy to hear that a tool I put together is actually helping someone. Just remember that the indicator is only part of the equation. Money management needs to be locked in and under control. Best wishes and luck with your trading. -Fish
mroodi
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@prag37, how do you set up to look through the 300 stock ticker for abc pattern?
melodicfish
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@mroodi, The indicator is intended for use on a single asset. It is not a screener so you would have to add it to each asset you want to watch.
myassingh
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@melodicfish, Thanks Melodicfish. How could you follow 300 assets at once to search for this pattern? Did you automate it? If you can connect with me I appreciate it. mroodi at Yahoo. I have been struggling to get any consistent methodology applied and have failed. I see a potential in 2B or Abc pattern and would be very interested to see how you have made it a success.
melodicfish
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@myassingh, No, I didn't automate it and it only works on one asset at a time. You can use the logic from the code to make your own script that looks at more assets at once. When using this indicator, you need to add more context to the setup such as support and resistance and not follow every pattern the indicator finds.