Head and Shoulders pattern
This ProRealTime indicator identifies the famous “head and shoulders” price pattern.
It works on all markets, with any timeframe and for any type of chart: candlesticks, bar chart, Heikin ashi, Kagi, Renko, tick charts, etc.
HOW THE INDICATOR WORKS:
The “Head and Shoulder” pattern is formed by 5 consecutive waves. The development of the pattern takes origin at point n °1, the succession of waves generates new maximums and new minimums ordered in the points n.2, n. 3, n.4 and n.5, forming three triangular figures with a vertex in common, the point n.1 corresponds to the first left shoulder, the point n. 2 at the base of the neck, point n. 3 to the head, the point n. 4 at the base of the neck, the point n.5 at the right shoulder.
The figure is confirmed when point n.3 is clearly higher or lower than point n.1 and point n.5, there is an alignment between the various points as in the images below, and finally the price crosses the “neck line“, formed by an imaginary segment from point n.2 to n.4.
Interface of the indicator:
- ZigZagPerc : Enable or disable the PricePercent variable.
- PricePercent: Value of the percentage difference between a new high and a new low. This variable affects the size of the Pattern.
- Dynamic: Enable or disable the dynamic variable.
- Factor: Variable of the “Dynamic” function, this function allows automatic detection of patterns based on market volatility.
- ZigZagVal: Enabled or disabled the PointsValue variable.
- PointsValue: Value of the difference expressed in points, between a new maximum and a new minimum. This variable affects the size of the Pattern.
- FractalPoint: Enable or disable the Period variable.
- Period: Value of the time difference, between a new maximum and a new minimum. This variable affects the size of the Pattern.
- Accuracy: variable, it is possible to search for patterns with an accuracy in a range between 0 and 100%. Accuracy makes it possible to establish the alignment of the two maxima, or of the two minimum. You can observe a wide variety of patterns without discarding any possibility, or you can have an opportunity to have filtered too severely. 90% is the default threshold, but it is up to you to configure this parameter according to your own style!
- HeadUp: Enable or disable the search for the Bearish Pattern.
- HeadDown: Enable or disable the search for the Bullish Pattern.
- View: Enable or disable the visual of the triangles
- ZigLine: Show Zig Zag line to set the parameters quickly
Advantages of using the Head and Shoulder Patterns indicator:
- Automatically identifies the patterns for you
- Compatible with all instruments
- Compatible with all ordinary timeframes and even on tick-charts!
- Compatible with Heikin ashi, Renko, Ticks, Kagi, Three Line Break, and more
- Patterns are completely customizable to suit your own trading style
- The indicator does not repaint! The signal is given in real-time and allows you to operate without any delay
- The indicator can be integrated into any automated trading strategy, using ProRealTime’s ProBuilder function
- We offer for free the screener once you have bought this product.
This product works in any Futures, Forex or Stock/ETF Markets
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