Screening Chart Patterns with Zigzag Pivots and Trendline Filters

Summary

This indicator is designed to scan for geometric chart formations using Zigzag-derived price pivots. Users can select the number of pivots, configure multiple Zigzag settings, and set tolerances for trendline error, flatness, and the relative placement of bars. Pattern groups include channels, wedges, and triangles, with filters for direction and whether formations expand, contract, or remain parallel. The screener can search a fixed number of recent bars or a lookback scaled to pattern size.

The script exposes filters for the last pivot direction and overlapping formations, as well as a repaint option that controls whether realtime bars or confirmed bars are used. Its warning says it is intended for a Pine screener, with a separate indicator offered for chart display. The supplied material explains configurable detection logic but gives no validation, hit rates, or subsequent price outcomes. Results depend on pivot settings and tolerances, and realtime pattern detection may change before bars are confirmed.

Key ideas

• The screener identifies geometric formations from Zigzag pivots and trendline relationships.
• It covers channels, wedges, and triangles, with filters for direction and formation shape.
• Scanning can use a fixed lookback or a lookback relative to the detected pattern’s size.
• Pivot settings, validation tolerances, and bar confirmation choices affect which patterns are detected.
• The document describes screening mechanics but provides no evidence about predictive accuracy or trading performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.