OPEN-SOURCE SCRIPT
3-Bar and 4-Bar Plays
Updated
This indicator helps identify 3-bar and 4-bar plays, which are price action patterns consisting of a wide ranging bar that breaks above or below resistance or support, followed by one or two collecting/consolidating bars, then a continuation bar in the direction of the new trend. The 3 and 4-bar play is taught by Jared Wesley and Anmol Singh at Live Traders.
The indicator works by looking for a wide ranging bar breaking out of an offset donchian channel, followed by one or two consolidating bars, then a continuation in the direction of the move. The script will place a label on the chart when it spots the pattern and alerts can be set up. Enjoy!
The indicator works by looking for a wide ranging bar breaking out of an offset donchian channel, followed by one or two consolidating bars, then a continuation in the direction of the move. The script will place a label on the chart when it spots the pattern and alerts can be set up. Enjoy!
Release Notes
Updated bar size calculation algo and made option to hide donchian channelOpen-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.
Disclaimer
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