Detecting Ascending and Descending Triangles with Two Pivot Scales
Summary
This indicator identifies ascending triangles, with rising lows under flat resistance, and descending triangles, with falling highs above flat support. It records major and minor swing points using separate lookback periods, then matches those pivots to form candidate patterns. Detected formations are drawn on the chart with marked vertices and a dotted extension of the flat boundary as a potential breakout level.
The described defaults use a 36-bar major lookback and a 13-bar minor lookback. Pattern checks run on the latest bar update, and the search stops at the first qualifying minor-pivot match. The indicator only marks chart structures; it does not issue trading signals or establish whether fading the boundary or trading a breakout is preferable. Pivot detection uses rolling highs and lows without waiting for later confirmation, so recent pivots can be invalidated by subsequent price movement. The document explains the mechanics and configuration but supplies no performance tests or evidence that the patterns predict profitable trades.
Key ideas
- Separate major and minor lookback periods identify structural and intermediate pivots.
- Ascending and descending patterns are assembled by matching major pivots with minor swing points.
- A dotted extension marks the flat boundary as a level to watch for a possible breakout.
- The indicator detects patterns but leaves trade direction and entry decisions to the user.
- Unconfirmed recent pivots may change as new prices arrive.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.