PROTECTED SOURCE SCRIPT
Smart Patterns Lite - Engulf Edition
Updated
Hi Traders! Welcome to Smart Patterns Lite - Engulf Edition
This lite version of Smart Patterns script specifically focuses on different Engulfing Pattern approaches, and tracks their performance and success rate over time.
Key Features
Notes and Recommendations
Credits
Trading View for built-in patterns
Special thanks go to PineCoders community for their incredible efforts and learning material to help mastering PineScript!
This lite version of Smart Patterns script specifically focuses on different Engulfing Pattern approaches, and tracks their performance and success rate over time.
Key Features
- This edition includes TradingView's Engulfing Pattern as well as two custom ones: Engulf (Trend) and Engulfing (Advanced)
- When a Pattern reaches the Min. Target % within the Candles Range selected, it is then considered valid. Please remember that doesn't take into account possible draw-downs or stop-losses.
- Patterns are constantly evaluated inside the script; when a pattern's overall score (Success Rate %) is below the required minimum, the signal won't be triggered. However, the script will keep monitoring it in the background, and trigger a signal again when its score comes back above the minimum Success Rate.
- The Patterns' signals can be filtered by Success Rate, Minimum Patterns detected and candle size (calculated via ATR).
- The Data Panel will show individual statistics for Enabled Patterns as well as final statistics for Triggered Patterns.
- Tooltips in the settings panel will further explain available options.
- Alerts: simple alerts can be added by selecting "any alert() function call" when adding an Alert. Customizable alerts can also be created through dropdown menu ( Bullish \ Bearish Patterns Detected).
Notes and Recommendations
- Always be realistic when tweaking settings, making sure the output makes sense in a normal trading environment. Statistics are helpful but shouldn't be the only factor to base your decisions on - even if a pattern reaches 100% Success Rate, it doesn't mean it will keep being profitable.
- Since the script crunches quite some data it may give output errors especially if settings are not properly tweaked - or if the filters are too liberal (e.g. Min Target % set to 0.1) - hence triggering lots of signals. Please adjust the settings or enable only the Patterns you are trading.
- If the script gives the error "Too many drawings, cannot clean oldest" it means your settings give too many signals and that is usually not a good sign - it's recommended to double-check your settings as mentioned above.
Credits
Trading View for built-in patterns
Special thanks go to PineCoders community for their incredible efforts and learning material to help mastering PineScript!
Release Notes
Version 1.1- Patterns Data panel has been remade (looks like a silent PineScript update broke it). Now Bull and Bear Patterns statistics are separated for better readability.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.