Convergence pattern based on new ATR pivots for Amibroker (AFL)
I posted similar code already but this code uses the Reverse() function to calculate the ATR pivots. Pivots can for instance be used to look for price patterns. In this case the code looks for “convergence” patterns. By default (see parameter window) it only shows bullish patterns. Once the pattern is confirmed (meaning it will not repaint) the color changes to green (bullish) or red (bearish). As soon as a pattern is confirmed a buy or a short signal will also appear in the chart.
In the example chart you see 3 patterns in the daily INTC chart. The last pattern is bearish but is still not completed and therefor still has a grayish color. The pattern could either be confirmed or disappear before it is confirmed.
Submitted by empottasch about 1 month ago
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